All Forum Posts by: Braden B.

Thank you, Jesse. I really appreciate your help. 

Great suggestions, everyone!  Thank you for the help. I will keep looking and/or go the portfolio route. 

Hello to all the experts on BP. Thanks for your willingness to help a fellow investor navigate a financing issue that has recently popped up for me. Apologies for the lengthy post, but the details are a bit involved.

I am in the process of attempting to finance three of my rentals in Charlotte, NC which I acquired over the last 12-18 months using cash. Now that they are refreshed and rented, I'd like to recapture 70-75% of their individual values and continue the BRRRR process with other properties.

My dilemma: The bank with whom I normally work is telling me that they will not allow me to have more than 4 mortgages in total (which includes my primary residence). I understood that the FNMA guidelines allowed up to 10 mortgages but my bank says they only allow 4.

I have other mortgage broker contacts who indicated that the other issue is that these three properties are condos and banks hate to do "cash out" refi's on condos especially sub-$130,000 deals (which all of these are). My point is that these are currently unlevered, are rented, and I am simply attempting to recover some liquidity for other cash flowing deals.

I really hate to cross collateralize these and go through a commercial product since the rate will stink and more than likely have a balloon in 5-7 years. However, if I have to go that route, I suppose it beats having the $200K+ illiquid perpetually.

I would love recommendations for banks or brokers in the Charlotte market who understand the BRRRR concept, can analyze a balance sheet, and would welcome the opportunity to work with an investor with great credit/reserves looking to build a long term relationship.

Thanks in advance for your suggestions. 

Hello to all the experts on BP.  Thanks for your willingness to help a fellow investor navigate a financing issue that has recently popped up for me. Apologies for the lengthy post, but the details are a bit involved. 

I am in the process of attempting to finance three of my rentals in Charlotte, NC which I acquired over the last 12-18 months using cash. Now that they are refreshed and rented, I'd like to recapture 70-75% of their individual values and continue the BRRRR process with other properties.

My dilemma:  The bank with whom I normally work is telling me that they will not allow me to have more than 4 mortgages in total (which includes my primary residence).  I understood that the FNMA guidelines allowed up to 10 mortgages but my bank says they only allow 4.

I have other mortgage broker contacts who indicated that the other issue is that these three properties are condos and banks hate to do "cash out" refi's on condos especially sub-$130,000 deals (which all of these are).  My point is that these are unlevered, are rented, and I am simply attempting to inject some liquidity into the business for other cash flowing deals. 

I really hate to cross collateralize these and go through a commercial product since the rate will stink and more than likely have a balloon in 5-7 years. However, if I have to go that route, I suppose it beats having the $200K+ illiquid perpetually. 

I would love recommendations for banks or brokers in the Charlotte market who understand the BRRRR concept, can analyze a balance sheet, and would welcome the opportunity to work with an investor with great credit/reserves looking to build a long term relationship.

Thanks in advance for your suggestions. 

Thanks, Alex: I'm looking forward to attending future REIA meetings this spring. Please keep me in mind if you come across anything in the south Charlotte market suitable for buy and hold.

Thanks,

Braden

Wholesalers:  Please keep me in mind for your South Charlotte deals. I am actively adding to my rental portfolio and would welcome the opportunity to evaluate deals you develop.  I pay cash generally and can close quickly.  Thanks for adding me to your list of active cash buyers.

Hi, Scott: Please let me know if this one is still available.   Thanks,

Thanks everyone!  Looking forward to getting to know the site better.  

Thanks, Audrey. I look forward to meeting you at one of the REIA meet-ups. Let me know if you have a group that you recommend as I know there are several in Charlotte.

Hello to the BP community.  I am a new member from Charlotte, NC.  I recently upgraded to the "Plus" membership after spending the last several months reading the blogs and listening to many of the podcasts.  The information in this site is exceptional and I look forward to exploring all that it has to offer.

I am primarily a buy-and-hold investor concentrating in the South Charlotte, NC market but own properties throughout metro Charlotte. Although I only own SFH's currently, I have an interest in adding multi-family in the future. I highly prefer A/B properties but have rehabbed C properties in cases where they were in areas supportive of the investment.

I have sourced deals personally as well as through my network of agents and other investors.  However, I love having access to the wholesaler deal flow and have purchased my last three deals through wholesalers.

I look forward to "meeting" everyone and becoming involved in this community.  Please feel free to make any suggestions that you believe will allow me to take full advantage of this resource as I would love to use BP to its fullest potential.  

Thanks,