bought 3 houses in 6 months. Can I leverage to get a commercial multi yet?
I am looking to hit my 20 unit goal this year, and i'm scrambling for ideas on how to make it happen. Fortunately I still have 6 1/2 months...
Here's the back story:
I purchased a triplex in Oct 2013 (paid $150k worth $200k)
, then the duplex next door in march 2014 Paid $110k worth $160k)
, and I've just tied up the SFR (next door again) scheduled to close June 20th paid $70k worth $120k). I refinanced the triplex into an investment loan 25% using it's equity instead of owner occupied so I could go in on the SFR as owner occupied 5%.
I know I've seriously been lucky with getting these deals. The investor who bought the whole street at auction. We built a good relationship and they have taken care of helping divide things up so I can swing the financing. Everything cashflows $200 per unit thus far.
An 11 unit just came on the market, 3 houses over (I have a thing for this area). They are asking $500k, but I think I can get them down to $450. I'm thinking of trying to get some of this "new" equity to create my down payment. I know that most banks prefer a deed to age 6 months before they will touch a refi. So I don't want to miss this deal because of timing.
So basically all three loans are going to be less than 3 months old in June when I close on the SFR. Let me know what my options are.
Lets get creative! I know there has to be a way to make this work!