All Forum Posts by: Jeffery Scullark

I reached out to quite a few CU and local banks with little to no results.  Most required 20-25% down and the terms weren't much different than my current bank.  I did find a hard money lender that can cross collateralize and refinance into longer term loans to fit my buy and hold strategy.  It will require finding the right deal and a little work but I never been one to shy away from hard work :-)  My goal is 4 people boxes for next year.  Thanks for all your feedback and ideas.  

@Darryl Smith how are you financing your deals?

@Darryl Smith All the properties I found on the mls

@Darryl Smith In the beginning I was using either VA or conventional loan from a bank, live in the home for a few years while fixing it up, then rent it out and move to the next one. That approach is no longer sufficient to meet my goals.

So long story short, I have three properties, one that I just recently purchase in May with good cash flow.  I am now at a point where I feel comfortable with evaluating properties, negotiating, working with contractors, and managing the property.  The only thing that is holding me back is financing.  All of my current homes have been financed using regular banking so that is what I am familiar with.  Furthermore, I don't have a lot of cash on hand to put up 20% to get into each home but I have about 100k in one home and 50k in another that I would like to use to improve my portfolio.  Any ideas on what types of financing I can use to get this done.  My goal is to double my current portfolio at a minimum and in the next few years, get out of my 9-5 job.  Right now I am focusing on positive cash flow and give little consideration to appreciation.   My plan is to go to small local banks and credit unions to see how they can help me with this but I don't want to sound like a complete idiot.  Does anyone know of any banks/CUs that are investor friendly in Houston TX?  

Thanks @Nathan Gesner...really good information!!!

Hey BP,

I am looking for recommendations for a property management company in Houston (North Side) to manage a SFH rental.

Thanks in advance.

Cash flow is not the only reason to invest in real estate.  For that reason, you should decide if the property is worth holding onto for one of the other benefits which include tax savings, appreciation and amortization.   If you keep it then you could purchase another cash flowing property to offset the loss on the first.  That is what I did.