Hampstead, NH · Member since 2013 · 28 posts · 1 vote
Hi All, I currently buy & hold 8 units. There is an 8 unit building nearby (Southern NH) that I am interested in. And, even if I don't buy that building, I am planning to purchase more units.
I have exhausted my resources buying my first 8 units. I have an equity line on my paid off house for 4 of the units and I use an FHA loan for the other 4 units. They all cash flow and I am pre-paying the mortgage with that cash to be free and clear in 15 years.
I don't have the 25% to put down. And my mortgage broker tells me I can't use a portfolio lender or do hard money because they want more down or more equity in the purchase.
I know some people with deep pockets, I can ask them for a loan....chances are slim, but I'll ask.
I know some people with deep pockets, I can ask them for a loan....chances are slim, but I'll ask.
I think a partnership is more likely to appeal to them rather than giving you a risky loan.
Do you own 2 properties with 8 units is each unit a separate property. If you have 2 properties and are still in the "expansion stage", I would not pay off your mortgages more quickly. I would instead build up reserves and a down payment for another property.