All Forum Posts by: Ryan S.

@sohrab Khosravi

I will be living it i for over a year.  Do you mind me asking what company you work for?  Or what bank you think I can get this type of loan?

Thanks

They said because it was going to be rented out that made it an investment property.  I think I am going to have to look for other funding from different banks.

I live in the Chicago area and found a 3 unit apartment that I am interested in.  I ran the numbers, like the area and started looking for loans. 

Was extremely surprised when Firstmerit bank told me that it would be 

30 yr

4.75%

25% down payment! 

I thought I would be putting down around 10-15% am I looking at the wrong bank?  They told me that this is considered an investment property even tho I would be living in it and it is under 5 units.

Any recommendations on banks that will help fund this deal with a lower down payment and interest rate? 

I have already submitted the paperwork to the state to be an LLC now I am trying to create my EIN #. Should I just click continue and be a mult-member LLC? There will be 3 people in the company so im not sure what to do?

What is the benefits of a Multi-member or should I file a 2553 and be an S corp?

@Arlen Chou 

I do have a LLC but do not know how to use it to my advantage just yet. I am learning while I go. A business plan is something I think I am going to do so I can bring it to the banks and they can look thought it.

It will show:

Pictures of my properties

numbers (profit,expenses)

turn around times

3 projects I have done with success

@Franklin Romine 

I like your idea, I do have a line of credit from my parents but I always use every $ in one house.  With an idea like this I can do multiple at once.

Do you recommend any hard money lenders? and what are there rates?

@Elizabeth Colegrove 

I have 1.5 years of flipping but no positive income on tax, this year I will.  This is why when a mortgage broker looks at my statements they say "hell no". 

Thanks for the advice on my next house I will have to look into paying myself so there is a track record of payments.

So I am trying to get a traditional loan to be able to flip more houses because my bottleneck is funds right now.  I know that I can go the investor route but my question to everyone is "will a bank give me a loan"?

I have just finished my 3rd flip with success and it sold in one day for full price.  I take great pride in doing all the work myself for the time being but am looking to expand.  

Because I have no job will a bank accept a "portfolio of houses" that I have completed as proof?  It is really hard being a 25 years old with no job and student loans trying to get money from a bank.  I flip houses full time and do the work myself, but im starting to think I might need to get a job so a bank will give me money.

What banks are the most lenient with "buy and hold" and "fix and flips"?

Reasons why im turned down

• 25 years old
• have college debt
• no job (flipped 3 houses full time)

@Joshua Nudell it would be extremity helpful for me to see someones numbers for an example.  Would you mind sharing your numbers and calculations breakdown?  I would love to see how you make up-words of 40-45%.  

Thanks for all your help everyone