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Updated almost 8 years ago,
Options for lots of cheaper properties?
Continue to have difficulty with this, i'm mostly looking for something near a one-stop solution for loans, rather than the patchwork that has worked so far with local, small commercial lenders (All seem to want to highly limit the number of properties/loans to a individual, even if they don't sell said loans.)
I've had great luck buying cheaper houses ($20k-$40k) and putting $5k-$10k into them and then renting them out. The ARVs on these 1-4 units tend to be in the $50k-$80k range with the vast majority being around $60k or so.
With the low ARV, it puts me out of reach of alot of lenders that deal with rentals. So far I've used almost entirely private investors on everything and overall I'm quite happy with the deals i've set up. However there's going to be a point where I run out of money and want to continue to grow even more. So, before I reach this point, I'd really like to set up a relationship with a lender that does portfolio loans on large amounts of properties - say ~10 properties at a time. A FEW I've found will do it, but want 8% + 5% points which seem pretty high when the loans I do have with small local banks are in the 4% range.
Any input would be greatly appreciated.