As my wife and I get ready to implement buying more rental properties we are looking for anyone who has experience with Lenders in our area that we can seek out. We have been talking to lenders, but we are hoping someone on Bigger pockets might be able to narrow the field a little more for us.
What we are doing is basically the BRRRR strategy, but we are concerned that we won't be able to find a lender that will finance deals like this when the loans are under $50K. Which in our area there are a lot of opportunities like this in SFH market to buy, put some money into and turn around and rent at a decent cashflow margin, to decent renters. We currently own three such homes, but used a cheap funding source for those three that is not available anymore. We have the money to finance the purchases with cash, but we do not want to leave our money in after purchase and rehab. We want to use it for the next one and so on and so on. I know local banks are more flexible than the big boys, but we are looking for specific banks that others have used.
So we are struggling a little with the lender side of the equation and would like to hear from any one who has experience in our area regarding implementing the Brrrr method and who they worked with on financing.
Thank you in advance for any input and direction.
That's quite exciting that you and your wife can implement this strategy in your market!
I am an agent in the St. Louis area, and my fiance, Christopher Beahm, is a lender here as well. We aren't in Southwest Missouri, but Chris's license expands all across Missouri (as well as into 7 other states). To my knowledge, he does not have any issues with financing deals under $50k. He has experience working with investors, and his company offers some unique, exclusive programs. They also service their own loans, so the company doesn't add overlays to guidelines, like I've had some issues with in real estate transactions from other lenders. Feel free to message me if you're interested in his contact information.
Kristen Paquette | Realtor ® | Worth Clark Realty