Loan for two rental houses

[Doug Lovett]

I am working on securing financing for two rental properties that my mom owns. I'm having trouble getting a loan on both of them due to seasoning issues. One is in Jacksonville Florida and was purchased about three weeks ago. We got a great deal on it and I want to finance based on the market value, not the price we paid. I can't find a bank that will do that until we've owned it for 12 months. The second house is in Georgia and is her former primary residence. We have decided to keep it and rent it out but it is vacant right now. The issue the banks have with this one is they want to see 12 months rental history before they'll count the income from the rents in the loan calculations. I'd like to a loan for 75% LTV on both of these properties to fund other deals and pay for living expenses while I get started investing in real estate full time. Any suggestions on where I should seek this type of financing? Details on the houses: Jacksonville house Bought on 8/11/16 for $35,000 It is currently rented for $800 per month Taxes are about $1300 per year Insurance is about $700 per year Total rent (annual): 9600 Vacancy & repairs: 1440 (15%) Insurance: 700 Taxes: 1300 NOI: 6160 I think the house is worth about $80,000 Georgia house Former primary residence We consulted a realtor and they can manage the property for us and said they can get $750-$800 per month in rent. It is currently vacant but will be rented soon. Taxes are about $800 Insurance is about $700 Management fee is $75-$80 Total rent: 9000 Vacancy & repairs: 1350 Management: 900 Insurance: 800 Taxes: 700 NOI: 5250 I think it is also worth about $80,000 My mom also receives a little under $2200 per month from social security. She is permanently in an assisted living facility and her monthly expense for that facility is paid by long term care insurance so the bulk of the $2200 would be available to service debt should the cash flow from the properties fall short. Thanks for your help.