All Forum Posts by: Erich S.

This was the reply from Civic and is typical:

Hi Erich,

Thanks for reaching out. Unfortunately, they’d have to be valued at least at $100k. We have a minimum per asset of $75,000. If there are some properties in the $100k range, I can take a look at those.

Please keep me in mind for future deals.

We do have a BB&T. I'll check them out. We actually did close a deal with B2R on our 24 homes that are over $50,000. I've tried all the others listed like Visio, etc. They have lowered the minimum loan amount but everything I've seen still shows a $50,000 minimum per home value,

Thanks, Alexander. I think that's the goal. Any companies in mind? I've called all that I can find and unless each individual property appraises over $50,000, they don't want it.

We have about 70 rental homes owned outright generating income that would appraise below $50,000, which companies like B2R and Colony American won't refinance. Any ideas for who would do a cash out refinance on these homes? I understand they don't make much money on homes under $50,000, but maybe the bulk of the portfolio might get someone interested?

A common home is worth $41,000 and brings in $10,200 in yearly rent income.

Hi everyone. My name is Erich and I help my brother buy and manage single family rental homes in Florida. I recently went to the mortgage convention in Orlando and they recommended this site. We are looking to expand the number of rental homes he owns in Florida, using financing options available on the homes he owns outright.

Looking forward to learning a lot.