NEEDS FINANCING ADVICE

[Amber Toussaint]

Need advice from my Bigger Pockets family. Scenario: Own a MF property, bought for $350,000, - monthly income of $5,500 with mortgage and expenses @ $3,500. BRRR but no longer owner occupied -cheaper to rent elsewhere. Bought 8 years ago and now valued at $750,000. At present awaiting the bank for purchases on 2 short sale properties: (1) Primary residence - 2 units - - $350K ARV $600K with a Rental - live rent free. Bank pre-approval received - 10% down payment -finance ready. - It is very important for primary residence so it gets first preference. (2) 3 unit, 3/3/3 investment MF: $375K, rehab $40K, ARV $750K - Needs long term financing because I want to hold - profit after expenses - approx. $2,000 monthly. (HML is short term). PROBLEM: ( i) Bank is not willing to Approve both properties. Have down payment for #1 (10%), but not #2 (25%). So I'm willing to do refi cash out (investment mortgage much higher) for my present MF to get down payment for the upcoming #2 - (3 unit), but that causes my Loan to Income ratio to rise and hinders the #1 owner occupied pre-approval. ( I'm not sure which short sale will be approved first). ADVICE NEEDED: New investor with new LLC- Only my husband's salary income is available. (a). How can I get long term financing to hold #2 with the new LLC? Bank says they do not approve new LLCs for loans. Can I get it elsewhere? Needs this advice because may get reply from the short sale bank at any time requesting proof of funds. I applied for line of credit, but again bank disapproved for 3 units. (ii) do not wish to do FHA, hence the conventional 10% for #1. But can I get a conventional 5% elsewhere without FHA? Needs all extra cash. (iii) trying to avoid HML - EARLY payback as I want TO HOLD. So big brothers and sisters, I need your help and advice as to how to go about acquiring this investment property.