All Forum Posts by: Ryan Zaninovich

Hello everyone,

I'm looking to buy properties in Michigan for a 1031 exchange. I'd like to find an agent, broker, wholesaler, flipper or anyone who is looking to sell now or present opportunities for me. I'm very interested in the Grand Rapids and surrounding areas so am looking for help from a local agent/broker/investor in those areas. 

Looking for a 10% cap rate or better. Or simply a GRM of 4.5 or better.

Also looking for good contractors and rental management for that area.

If anyone is interested in helping me find properties or the other services let me know. Thanks!

Hello everyone, 

During the years after the housing crash my wife and I accumulated quite a few rental properties. We haven't purchased any in the last 3 years because our local market (imo) is no longer viable. I'd like some advice on how to proceed at this point because it seems we've hit a road block. I tried B2R and even the private banking at Wells Fargo. In the end the interest rate was either too high (along with the fees) or there was a ridiculous commercial ammortization that made it impossile to cash flow or, in the case of refinancing our portfolio to pull cash out, the LTV was reduced greatly to meet their "requirements" which made the loan and time involved getting it, pointless.

So, we have a portfolio of properties where around half are paid off and half are mortgaged. We have 10 mortgages. I'm looking for a lender who will meet these criteria:

• lend to someone with 10 mortgages. (but with good credit and a good W2 income)
• 5% or below interest on 15 to 30 year ammortization. (this is critical, unless you find a smoking deal it is simply unrealistic to cash flow SAFELY unless these parameters are met)
• lend on property located in any state. (also critical because California is priced out)

That's it. It's very simple. Anyone know of any lenders who can meet our needs? Or, any advice at all related to our situation is appreciated. Thanks!

I see there is still no good answer to the OPs question. I'll add my experience and am reaching out to see if anyone has a real solution. 

Like a lot of us on here I have many rentals (some free and clear and some with mortgages) that I picked up in the crash years. I haven't purchased a property in 3 years. Why? The deals are gone and the financing options only make sense if you can find a deal. I'm sick of hearing about this bank or that portfolio lender only to find out that, oh yeah, interest rate is above 6% or the ammortization is 10 years or, sure, you can refinance all your properties and take out 75% of LTV...but the "value" isn't anywhere near what it should be after their "conditions" are accounted for so you get to jump through a bunch of hoops, pay a boat load of fees, end up with a higher interest rate and pull out a miniscule amount of your equity (looking at you B2R and private banking at Wells Fargo).

No thanks!

I'm looking for a bank that is willing to lend me money at 5% or below interest with a 10 to 30 year ammortization without a restriction on number of loans. If I can find an okay deal that cash flows at those numbers then I don't see why these lenders don't exist?? I'm even willing to put down 20% on every deal.

Maybe I'm mistaken and please someone point it out to me if I am, but I have not been able to find a lender who will give me a loan at 5% or under, 15 to 30 year ammo, 20% down, to a guy who has 10 loans already but has good credit and can show a good income outside of the rentals. Because, like a lot you, I'd love to be able to buy more. Even though my city has become difficult to find good deals, there are still a few decent places in this Country to buy rentals.

So for now, until I find that unicorn lender, I'm going to start buying with cash again.