Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Long Island Real Estate Forum
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 7 years ago,

User Stats

8
Posts
1
Votes
Matthew Corica
  • mastic, NY
1
Votes |
8
Posts

What lender should I use for Brrrr

Matthew Corica
  • mastic, NY
Posted

I've been looking around BP and other sites to try and get a good idea of what kind of lender I should use, but I'm seeing a lot of contradicting information. I realize there is a lot of options out there when it comes to funding an REI project, But I don't want to make the mistake of using a hammer to set a screw. That being said, I'm trying to find the appropriate funding method for the REI project I'm venturing into.

This is what i'm working with,

-Interested in Brrrr properties SFH's, 20K-60K purchase price with 20K in repairs on average.

-I have excellent credit with a 30% DTI (not eligible for any First time home buyer incentives)

-already approved by a major lender (wells fargo) for 150K 5.5% can go up to 180K 

-I can cover around 40K for down payment, CC and repairs.

My goal is to Brrrr and not hit the "lending wall" at 10 properties. I'm not sure If I should start with a private lender or a traditional bank. Any advice would be appreciated. Thank you.

Matt C

Loading replies...