All Forum Posts by: Lawrence Holloway

@Scott Jensen sadly I retirement account but a 401k. But I’ve been working my job for close to 2 years so I imagine I won’t have much luck with that if any. My father has been working at ford fir 20+ years tho he might.

@Tom S. Yes 75,000 is the total amount needed. I'm only 21 I've been working the same job almost 2 years. This deal really just fell in my lap. I tried wholesaling a long time ago and one of the motivated sellers contacted me again trying to get rid of his entire portfolio for $276,000. At 23,000 a piece. All of them are worth 55,000+. 100% occupied. My father gave one of his rental homes to my mother and she moved in it and she's willing to put it in my name for a HELOC. Or refinance. But that will only give me close to 40k. I'd still need another 35k. Sadly I wasn't prepared for this type of opportunity. But I'm willing to do WHATEVER it takes to get this money for this down payment.

I'm stuck! I have a great opportunity to acquire 12 SFR cash-flowing at $10,210. But the down payment needed from most lenders is 25%. I can only do 10-20%. I need $75,000 for the down payment. I have great credit, but I've been building my credit for the best rates and terms for the commercial loan! I'm considering just getting a personal loan for the down payment, but it'll destroy my credit.

Anybody have suggestions on how I can come up with this down payment?

Does anyone know of any lenders that will roll the down payment into the mortgage? (I don’t care if the mortgage is 5k! I’m cash flowing 10,210) Or any lenders that will take 10% down payments?

I cant stress urgency enough guys

I’m located in Cincinnati, OH

Thanks everyone

@Saj Shah what's a bridge loan with a 2 year term? And can I use that to acquire a landlords entire SFR portfolio? 12 houses 12 units, all currently renting? For a net 10,210 monthly.

And if I can’t use a a bridge loan, what type of loan is best?

I read something about portfolio lenders.

I'm have an amazing opportunity to acquire 12 SFR homes for 280,000. Right now in their condition, altogether they're worth about 480,000. But if rehabbed, about 620,000. I have no plans to do renovations anytime soon because they're all tenant occupied in okay living condition. Gross rent at 10,200. I've never had a loan before (I'm 21) and I work a W-2 making about 45k a year (my girlfriend soon to be fiancé has the same job as me so I have access to about 90k a year). So my debt to income ratio is swell. I have great credit and my father also put his occupied rental in my name for collateral.

I need to know the best portfolio lenders in and/or around the Cincinnati, OH area. And I also need to know if that’s the best way to acquire these properties. Should I maybe try a local bank? I’ve heard mixed opinions about Lima One Capital. They have an office downtown. Thinking about calling them business hours.

Sorry for so much info this is my first post thought I’d give some background.