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Updated almost 3 years ago on . Most recent reply
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Asset based loans vs Equity loan vs Mortgage?
I purchased a duplex last month for $230K cash which is now generating $3,225 before tax and Ins. I also have a townhouse with no mortgage that rents for $1,300/mo. What’s the best way to go about getting more money to invest?
I have no current income and no tax returns for the last 2 years. My primary is worth $320K with a $150K mort. at 6%.
Paying cash was probably not a great idea but I was able to close quick which actually put me in front of other buyers with higher offers. Plus I’m estimating the property is worth $40-$65K more then what I paid.
With the equity in my primary and two investment units with no mortgages, I figured it would be easy to get cash/loan to invest in more properties. I’m just not sure of the best route to take. Also Credit Karma has my scores at 747 and 754, if that matters.
It might be worth mentioning that I sold my commercial property/restaurant last year and I have partnered with a developer. Together we have purchased 5 parcels of land valued at $300K with only $75K of that on a Mortgage. Also there’s $250K dedicated for operating funds. We are in the process of being approved for a $2.5m construction loan.
Thx BP
Most Popular Reply
You are in a great situation if you can pair with the right no doc 30 year lender, like the company I work for Brrrr Loans. We do not require tax returns, employment verification or other things that a conventional mortgage/ bank would require. Best option in my professional opinion would be to do a delayed purchase mortgage for the duplex to get back 75% of the cash you put in. A simple cashout refinance for the townhouse for 75% LTV as well, with both on a variety of 30year options. Please message me for more information or inquire on Brrrr Loans bigger pockets page, hope this was helpful.
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