Getting past number of loan objections
I've found myself in a position where the issue the banks don't want to lend to me because of the number of mortgages I currently have (this is is what they are telling me at least). I know of some lenders that I could work with, but they want me to have at least 2 more properties than I currently have. I'm really feeling like I'm in this limbo in between, where it seems difficult to fit into what the banks are looking for. I had a couple of thoughts on this, and wanted to see I might be able to get some advice...
1. pull together enough cash to just pay cash for the next 1 or 2 houses. ... the drawback to this is that may take a little while, and many lower cost ones are either in rough areas or need substantial work to make them rentable.
2. switch my focus to searching for a 5+ unit multifamily. this I'm not as familiar with the types of loans associated with them, but know they don't follow the same rules as the 1-4 unit ones and possibly I may have an easier time with this? the downside to this is there are fewer of these for sale and many larger one's may require much more down than I can currently come up with.
Most Popular Reply
1. Learn to buy on terms: lease option assignments and sandwiches, land contracts, seller financing with notes
2. Partner for down payments, look for portfolio lenders that lend you 80% of appraisal with no limit.
3. Use private lender IRA money for buying. See