Private Lending & Conventional Mortgage Advice
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 10 years ago,
I am about to close on my 6th door in 6 months, but am not sure what to do next!?!?
Hello All!!
I am at a point where I think I have used up the extent of my "easy" traditional financing. I have 5 doors cash-flowing $1k per month of relatively passive income and I'm working on tying up an SFR that should bring in another $100-$200 per month.
Things have been cruising along very nicely, but I fear my operation will be coming to a grinding halt. My boss basically told me that my job is being eliminated soon which is going to kill my relationship with the banks. I have to age my duplex another 5 months before I can pull equity out of it and I'll have to do the SFR. Combined I think I'll potentially have around $80k to play with and dump into 2 more multi's, but I won't be able to pull it out or qualify for any kind of loan if I don't have a permanent job.
Further more I am looking to switch industries to get into property management or something similar in real estate.
My real question is this: If I can land a permanent PM job, how long will it be before a bank will count me as someone they can lend to again? OR do I need the permanent job to pull out the equity in the first place? If not I may just jump right into flipping/rehabbing properties with the $80K as soon as I can get it out.
Let me know what you guys would do. What options are available that I'm missing?