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All Forum Posts by: Syed Ahmed

Syed Ahmed has started 1 posts and replied 5 times.

Post: Looking for Strategy In Growing Rental Portfolio

Syed AhmedPosted
  • Investor
  • Glen Ellyn, IL
  • Posts 8
  • Votes 0

Do you know which banks in Illinois does this? I tried calling multiple community bank but had no luck.

Post: Looking for Strategy In Growing Rental Portfolio

Syed AhmedPosted
  • Investor
  • Glen Ellyn, IL
  • Posts 8
  • Votes 0

I tried calling local banks and they said they cant do it so they refer me to commercial loans. The problem is that my properties doesn't qualify as a commercial cause it 3 different location.

Post: Looking for Strategy In Growing Rental Portfolio

Syed AhmedPosted
  • Investor
  • Glen Ellyn, IL
  • Posts 8
  • Votes 0
Originally posted by @Alan G.:

Syed,

We do this all the time. We get a portfolio loan that covers as many properties as we want and do a cash out refi. Stick with small local banks or credit unions, they are your best bet.

Post: Looking for Strategy In Growing Rental Portfolio

Syed AhmedPosted
  • Investor
  • Glen Ellyn, IL
  • Posts 8
  • Votes 0

I was looking for combining 3 houses equity in 1 mortgage and get the cash to buy others. The problem is that banks are not intereted in portfolio or jumbo loans. If I do cash out refinanace then it will cost me lot of money for closing cost. Looking for something like HELOC

Post: Looking for Strategy In Growing Rental Portfolio

Syed AhmedPosted
  • Investor
  • Glen Ellyn, IL
  • Posts 8
  • Votes 0

I bought 3 houses in the last 2 years paying cash. Now I am trying to grow my rental portfolio but don't have the funds for it. I am thinking should I get a portfolio loan on the houses I own or do cash out refinance. I want to be in this long term.