All Forum Posts by: Lawrence Holloway

Im a 21 year old guy with a opportunity to seller finance a portfolio of 12 SFR. I haven't bought a house yet and I've been working a W-2 to get the 3.5% down payment on my first 4-plex.

I want to know if I will lose the 3.5% down payment if these 12 SFR are in my name when I go to get the loan.

Please help me out

I’m a 21 year old male trying to acquire 4 different rental properties from one of my fathers friends. He’ll let them all for go for a total of $175,000. Total rental income it brings is $3150/mo. I’ve never bought a home or use any type of loan for anything. My credit is a 784.

No bills besides phone and food so my DTI ratio is great. I wanted to know if there is any way possible I could get a FHA loan (first time home buyers' 3.5% down loan) for these homes. Maybe using a smaller, more local bank could help?

Located in Cincinnati, Ohio

@Tyler Mullen

Thanks Tyler, What if you're buying 4 SFR that are tenant occupied with no plans to renovate in the near future?

After a acquiring a rental property how long does it take to do a cash out refinance on it to start buying more rental homes?

@Cedric B. Dude...when and where did you see me say 12 SFR costs 100k? Read it over. Thanks for your comment though it helps traffic lol. But check your local eye doctor he might be off on his diagnosis. You said it's not 2006 anymore? Tell me something I don't know or leave the stupid comments to yourself

@Mike M. Could you explain a seller carry back? Thanks mike

I have a great opportunity to acquire 12 SFR! The only problem is the down payment! I will partner if needed, but only if needed. I would like to know if ANYONE knows or has heard of any lenders that will roll the down payment into the mortgage?

For example if the loan is $100,000 with a 75% LTV (Loan to Value) ratio, the down payment is $25,000. By rolling it into the loan, it would actually change the loan from $100,000 to $125,000.

100% occupied bringing in $10,210/mo. So I could care less about the rates and terms. The cashflow is going to be positive.

(I’m only a property manager for my fathers rentals so I’m fairly new. So forgive me if this is a stupid question)

@Steven Morris my credit is excellent paid my car outright and still live with my father. No other loan but my credit card. We may need to partner in order to get this deal done. I have no problem getting half rather than 0. Unfortunately I’m working 12 hours a day so I’ll give you a call Friday to go over the properties

@Caleb Heimsoth he just got married he’s trying to move to Georgia as soon as possible

@Scott Jensen

This will be my first but I have been the property manager for 4 of my fathers rental homes. And he will hold my hand throughout the process and after. I didn’t know for sure if a personal loan would destroy my credit, I just figured it would. Thanks so much I’ll fetch that idea to him about the 401(k) as well!