Want to borrow money. Good equity. Good credit.

[Mirko Lopez]

I bought a property at foreclosure sale for all cash. I would like to do some more but I run out of money after 4 or 5 of these. I paid 113,800 at the sale and spent around 8k rehabing it. It rents for $1,350 per month. Association dues are 305, taxes 120 or so. My total investment is around $120,000, all documented. I have excellent credit (813 middle fico) and no debt other than my house payment. My income is not great so my rations would be kind of high. I'm guessing around 40% based on my house payment. The property would show cash flow even with the new loan. Right now lots of cash flow since it is free and clear. I won't get my first rent check until December 15th. I just got done rehabbing and that's when the tenants move in. I would like to get around 70% of my 120K back. MY interest is in holding it for around five years...but who knows?

Any suggestions?

Thanks in advance.

Mirkee

Any suggestions?