Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 9 years ago on . Most recent reply

Account Closed
  • Specialist
  • Northern CA
57
Votes |
154
Posts

Advice on getting financing under 100k (heloc/cash out refi)

Account Closed
  • Specialist
  • Northern CA
Posted

Here is my story if anyone can help me out would be much appreciated. Im located in Northern CA (bay area) I have locked up a SFR under contract for 95k cash. I need help with financing. I can not provide 2-3 years tax statements as on paper I do not make enough money due to a previous HELOC and some credit card debit however I own 7 properties ( 6 off them paid off no debt total value 700k ) all of them collecting rent ( around 7k a month ) I can provide bank statements for proof of funds. I believe stated income is my only way to get funding. My credit score is 730

I have searched far and wide for local banks credit unions ( large and small ) to give me a stated income HELOC or Cash Out REFI with no luck.

Is there any lenders on this site that may help me get this financing or are there any small local banks anywhere in Northern CA that can help a savy investor. I can't get anyone to even consider this as they are not savy to real estate investing. Some of them haven't even heard of stated income which is just crazy to me.

Thanks

Most Popular Reply

Account Closed
  • Specialist
  • Northern CA
57
Votes |
154
Posts
Account Closed
  • Specialist
  • Northern CA
Replied

@Chris Mason You are right! on the surface they just instantly say Nope we can't do it and move on. How can I get them to look deeper into my tax returns? Are there any banks or lenders in the area that you can recommend with cheap rates? I would ask you but you didn't seem to offer. I would like to talk further and send you my numbers if interested. Fyi 3 properties were not filed as rentals last year but will be this year. That being said there is still plenty of documented income to easily cover a 100k monthly payment

I also am a general contractor that filed schedule c yet again I run into the same issues of having so many tax write offs and tax credits it hardly looks like I make any money. Monthly bank deposits show else wise.

Loading replies...