New to BP, 1 Yr experience in rentals, next deal on table

[Job Hempy]

Hello,

First post here at BP, but I've been reading daily for about a week now.  

One thing is clear: I want to build my portfolio

Little background: I bought my first BRR(R) in January of '16, and my second in April of '16. I own both SFHs (3/2 and 2/1 renting for 750 and 525 respectively) outright, which seems to be my first mistake. With that being said, I have not held a W-2 job for almost two years now and thought that obtaining a loan was not possible with my situation. Over the last week or so of reading, it seems I may have been wrong. I have an LLC, and just got my first credit line established (in that LLCs name) last month.

I'm here for a few reasons one of the biggest is learning how to obtain financing without a W-2 job, okay credit (680-690) and about 45k available for down payment/rehab use. It seems a HELOC would be good in the future, but I already have the down payment on my next deal covered. Cash-out refi seems good, but also something for the future. I'm leaning more towards a portfolio loan or HML/private money.

The second reason I'm here is for my next deal analysis.  I've upgraded my membership here and used the rental analysis tool.  This deal is for four separate SFHs (3/1, 3/1, 3/1 and a 6/1 surprising enough).  The neighborhoods are definitely in the C- area, however my other two properties are located in very similar areas.  I was constantly bombarded with people left and right trying to rent my last two places, and honestly after sifting through less than 10 applicants I've been able to place two families with zero issues (knock on wood) so far.

Using the City Auditor tool it seems the owner has many more properties throughout and is liquidating everything. It also seems that all of these properties were recently in contract and fell out about a month ago, with that came a $3500 price reduction per property. Seller also has about 4-5 Duplexes that I've requested info for as they're not located on the MLS. The downside is my 45k is nearly tapped out, using nearly 40 on this deal.

I'm going to look at Finance of America and Lima one Capital once I receive a response from the seller. Name of any other banks known to do No-doc (no w-2) RE loans would be greatly appreciated.

I entered 3000 for closing cost, as I have no idea what it may cost to close a loan on multiple properties, so theres a variable. Loan points/rate may also vary. I just have no experience in this part of the analysis because I've never closed a deal using a loan, I've always paid cash.

The properties seem to be in well kept condition with nothing major being needed, however I budgeted 10k (2500 per prop) for whatever may arise.