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Updated almost 9 years ago on . Most recent reply
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Advice for refinancing 5 properties purchased my first year
Hi, I am brand new to the forum and from what I have read so far it seems like a wonderful resource for real estate investors.
I recently graduated from college (May 2014) and quickly started investing in multi-families. I had some cash of my own and I quickly got up to 29 units. I was discouraged that traditional banks required 2 years of taxes so I obtained financing from private lenders. My current loan amount is 565,000 from a private lender for 16 units that brings in 16,000 a month (Two 4 families, one 3 family and one 5 family). I am nervous that despite a good credit score, a good job that pays 120k a year, and tremendous cash flowing properties, that I will encounter resistance from banks. I have renovated every unit and increased the rent roll 25% on average in all of my units. Am I better off trying to refinance a few of the properties at once (after 6 months) at the higher appraised value because I purchased them below market value or should I do one property at a time and shop around with different banks.
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Please let the community know which blanket loan lender you find.