Real Estate Investor · Burbank, CA · Member since 2008 · 8 posts · 2 votes
Hello, My name is Vincent and I am glad to have come across this site. Great info! I currently have 5 properties including my primary and am working on the 6th but am finding it hard because of the 4 max fannie mae cap. I am looking in the Gulport - Biloxi area and hoping to qualify for SRAP. Anyone trying to do the same? Thanks in advance
Greetings Vincent, welcome to BiggerPockets. I'm not sure what a SRAP is. Could you explain what it is?
You might be able to consolidate your existing loans into one loan then that would help you to get around the 4 loan limit. Not sure if this would fit into your business model. I have heard of some other people having to do that to keep getting backed loans.
Thanks Michael, SRAP applies to the Small Rental Assistance Program from the Mississipi Developement Authority who is granting forgivable loans to qualified properties and applicants. They are currently going through round two, the deadline to apply is Dec 15, 2008. This along with the Go Zone tax benefits seem to make the Gulf area apealling for investors.
I am not sure if consolidating will apply to me. My properties are spread out through out four states. Just wondering who would do a loan like that.
I am looking into getting approval from a local bank in Ms. who will do an in house loan.
Hi Vincent, and welcome to BP! I’m a ‘fix and hold’ investor from the Bay Area in CA, and loving it! But you’ll find a variety of every type of investor on the site, and everyone is amazingly helpful. Some pointers for you: The "Learn" link across the top navigation bar has lots of great info, and so do BP members! You can click on the ‘vote’ button if you like someone's post or is helpful, and there are ‘awards’ to earn on your profile. And you can tag people by typing @ before you type their name, then clicking their name at the bottom of the message box. Welcome to the site, and good luck in everything!
Hey @Vincent Ybiernas Thanks for jumping in and introducing yourself! If you haven't yet- be sure to setup some "Keyword Alerts" to get into conversation in your target area.