All Forum Posts by: John Davis

Thanks for the response. Yes you are correct, that is the app. FMV of these homes.
I can purchase a house for 10k and have it rented for 15k.and keep the rent at
$400 mo. Thats a heck of a return on your money. Most of my houses are paid
for and I have had no problem borrowing 20k when I need it and let the tennent pay it
off. Yes you are right, I have not been the most savvy with my money, not to mention I have bills. I have a habit of
doing a house and not refinancing and getting my money out. thats what I,m trying to do now.
I have had no problem in the past and wouldn't have a problem now if the market was not
in in present condition . I myself was surprised when I moved back to Shreveport from Cal.
at the values here, very low. how ever renters are fighting over them. Yes it does sound like you are over cautious. If you have what you sound like, you are doing well. congrats! am I in the right
forum to find a lender here?

I am seeking funds, not necessarily "hard", but would like opinions. I renovate older houses and the business has been better than anything I have ever done. I have 10 rentals now and the market here in Shreveport
louisiana is as good as it has ever been, rentals bring top dollar.
I recently applied for a loan through Regions Bank so I can continue buying. They turned me down simply because They said they didn't like my business. I called one other company on the net and talked to a loan officer and the first thing he asked me was "how many houses do I have?"
When I told him, he said that I am falling out of Fannie Mae guide lines, and I am a high risk. Whats going on here? Now because I own investment property , I am a high risk....? My wife and I have top dollar credit. I have houses that I havn,t been to in years because I offer decent rent, and I am being turned down for a loan?
Oh, well now that I have blown off steam, can anyone direct me to a lender that would be interested in lending in this area? with out just scarring my credit report and then saying "I don't like your business?"
And by the way. I have app. $200,000 in equity in all these houses now.
I wouldn,t exactly call that a high risk!