Investor · Rocky River, OH · Member since 2015 · 3 posts · 0 votes
Hello, and thank you for taking the time to read this. I am newer to real estate investing and need advice. I bought two rentals for cash. I'm wondering what is the best option to leverage my ownership of these two houses so I can buy more (or be prepared when a deal pops up). I'm rehabbing house number 2. I'm not sure if I should contact a mortgage broker, a local banker, or a hard money lender. These are small homes, 1000sq ft, 2 bed one bath. Thank you in advance.
I am assuming these are smaller value ~$100k homes. Therefore the mortgage is small to a bank.
I would suggest a local Credit Union or a small local bank. The closing costs are going to be a high percentage of your cash out so perhaps a portfolio (commercial) loan from a local small bank could combine the two into a single loan.