What to do past 10 properties

[Aamir Shah]

I have finally acquired 10 rentals. Hooray! Now I'm stuck. All rentals are out of state in MI. I am from CA. The 10 rentals are fannie mae loans. I want to keep buying more rentals, but am stuck on financing. 

Called/emailed many MI banks, none support out of state investors. For those who have passed 10, whats is your strategy? 

Options I have explored:

* Refinance all 10 rentals into portfolio and restart, I have gotten fairly high quotes of around 7% interest. Would be high closing costs.

* 

I found a national lender who is offering 8% interest on single family loans.

Any other options?

Thank you!

[Chris Mason]

These are all little $100k SFRs with cashflow of like $150 per month right?

Eventually you are going to come to the realization that the time-suck (the flat per-door overhead expense of your time, etc) is ballpark the same if the net positive rental cashflow is $150/mo or $750/mo or $1500. In fact, some people report that the $150/mo net positive door tends to have MORE flat overhead BS/time-sucking than the $1000/mo door just b/c of the folks attracted to the respective types of rentals in the respective types of neighborhoods/cities/etc, but not everyone agrees with that.

Time to start swapping them out (1031) for higher per-unit cashflow properties. 

Or you can seek commercial financing.