leveraging the right financing

[Pierce W.]

Good Afternoon All,

Forgive my "newbie-ness".

Up until now I was using my own cash to buy, fix, and flip/rent properties, and shied away from using lenders. I've since reconsidered, as I know utilizing loans can help grow my portfolio exponentially, if done properly.

I wanted to ask: what is the best way to do this? How do I find the best lender with the best package?

I was thinking conventional banks have the best rates (3-4%) and so I reached out to my local one (JP Morgan Chase), but they said they wouldn't fund any investment properties I don't live in. And if it is an owner-occupied property, they would just fund that one property and nothing in addition to that.

I spoke with some private lenders and they were giving me 80% LTV and asking 7% for a 30 year term (in addition to origination and closing cost fees). Is this the typical way forward?

My thought process was to buy, fix, rent, pull out loan, repeat process. And grow the number of properties (and net worth) in my portfolio this way. What is the best way to proceed?

Thank you very much!