What Type Of Loan Am I Looking For And What Banks Can Help?

[Danny N.]

I have 5 properties in houston, all paid off and all leased out. As you know we just had a hurricane and lots of properties are available. Would like to raise funds to buy some new ones. Currently grossing about $4300/mo from the paid off properties. Their taxable value total on the local tax district site is $315k. I also have 2 large parcels of land, taxable value on those is $270k total. All of these are paid off: $585k taxable value, but worth id say $650-700k. Anyways I would like to keep collecting the rent from the 5 properties but would like to borrow what I can from them to add new homes.

1) What is the name of loan im looking for? I bank with chase, they're not very investor friendly, could I go to a small bank that I dont bank with and they would possibly work with me?

2) the homes I have, they're low income housing, the people usually pay me with cash so I dont have the audited statements to show the cash flow of them.

3) What are typical terms and rates on the borrowing im looking to do? Assuming my paid off properties are say $650k total, could I borrow $500k? What would be the term and payment on that or is that considered a jumbo mortgage like a home mortgage?

4) I have 2 personal residences, a home and vacation home, as well as a car financed. Would these drag down my ability to borrow in this particular situation or no bc I have collateral im trying to borrow against? My taxable income was barely enough to slip in the vacation home financing last year.

Thank you