All Forum Posts by: Kenneth Morff

Hello, I don't post on here very often, but I'm not sure where else to turn. We just got denied by a Bank in Saint Cloud. The property we are looking take a Heloc out on is in Sauk Rapids, its worth about $170,000 We own it for $81,000. The banks reasoning was that my credit score is kind of borderline (660), we have purchased too many properties to quickly, and it raises flags? They said I should just wait 9 months to a year and reapply? 

Is this normal? I have purchase 6 properties since 2015 we sold 2 a profitted from both, so we own 4 rentals. I asked if my credit was better would it help, she said it won't help, I just need more time?

I would prefer interest only, it keeps expenses down for more lending.

Thank you for the responses! Yea I would be looking to work with a commercial lender for the purchase on the apartment building. But I am looking at buying a single-family after, and would be buying that with a convention loan. So that’s why I was talking to my conventional lender. I just wanted to know Ignore that was going to I be an issue.

Sorry, I forgot to mention. That I am wondering how I can use the income in the same year after purchasing the apartment building, as far as buying a single-family with a conventional loan after having the apartment building.

Hey there BP Folks! My name is Ken. I don't post on her much, but I have a question. My wife and I are looking to finally dive into Apartment building investments. We are purchasing a rental right now, and then taking out the equity in our home and buying a 8+Unit Apartment Building this summer. Anyways, I was talking to our conventional financing lender about this next step, and she mentioned that unlike new residential loans, their company won't be able to use the income from the leases on the new apartment building until we file our taxes in 2019, and then they would use the income from our Tax Statement. 

My Question is, is this common for Conventional financing lenders to not use apartment building leases as income until our taxes are filed the next year?

So pretty much I'm looking for a lender in Minnesota, Saint Cloud, areas that might be able to help me out, or someone that is looking to sell their apartment building in the Saint Cloud or surrounding areas. I am always looking for deals!

Hey Kyle, my name is Ken I have been investing in Saint Cloud for 2 years now and I am ready to branch out as I am acquiring more an more properties, plans are always changing, I was looking at purchasing 4 single-families or Duplexes, but now I am looking at scrapping that idea and going for the plunge of an apartment building, I was wondering If anyone knows anyone who would be a good source for off-market deals for apartment buildings in the Saint Cloud area? Brokers, Wholesalers, Attorneys.... etc. any contacts?

I am looking for a Home Equity Loan on a Single-Family Rental. We own it for 88K, and I think its worth about $140,000. I am hoping for 80% LTV with atleast 10 Years Amortized. If anyone can help that would be amazing. I have a lender that will do 7 Years Amortized, but I hoping to keep the payment down.

My Wife and I have 2 Properties, and to get the second property we talked to family about helping with the down payment, in return we are giving them 15% interest on there investment. The thing is we are looking to Cash-out refinance one of the properties to purchase the 3rd Property. We pay 2 separate family members 2 separate payments of about $950 and about $450. We were wondering about the Refi, and how we would explain to the Lender why $1400 Mysteriously comes out of our account every Month. Do we have to tell them its a loan? and what is the best way to go about this?