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Updated over 16 years ago on . Most recent reply
I need to find money !
Hi:
Although this is the best time to buy foreclosure properties, which I kind find easily,I can not find a bank that I get money from.
I have been buying income producing properties for 3 years. So far nine of them SFH and one is three unit with a store I have long term tenants in all of them. Three of my houses has no mortgage on it. And most of them has equity. I have a very good positive cash flow which I don't touch. ANd my credit score is 735. But still
I can not refinance, I can not get home Equity line of credit,(because banks don't give on investment properties any more even on the ones that I don't have any mortgage.I can not declare any of them as second home because all of them occupied and I live close by (according to guidelines) I applied refinancing for one of the properties that I don't have any mortgage on. When I think about the amount I will pay for closing and the LTV make me think that it is very costly doesn't even worth anymore .
I am very frustrated, I find many good deals and I am missing.
It seems like conventional banks are not option any more.
I am asking to you all experienced investors, what should I do? who should go for money
Thanks