purchasing additional rentals

7 Replies

I am wondering what the process is to getting financial help so I can aquire more rentals.  I currently have 6 units.  I am in dayton ohio.  Thank you

Originally posted by @Jon Dixon :

I am wondering what the process is to getting financial help so I can aquire more rentals.  I currently have 6 units.  I am in dayton ohio.  Thank you

Have you already gone to the bank? You can usually get funding for up to 10 properties before you have to go private. 

yes...have been to a bank and credit union.  Going to speak with Huntington bank.  See where that leads me.

@Jon Dixon I agree with @Chad Duval the bank is generally the best bet!

Give us more info. Are the properties you already own cash flowing? How long have you owned them for? What are the prices of your units?

The answers to the above questions can certainly impact your ability to borrow/refinance.

B2R has options that might be worth looking at.  http://www.b2rfinance.com/programs/entrepenuerial-lending-program/

There's plenty of financing available for rental properties in Dayton. 

The biggest obstacle I run into is a lot of lenders want a $50,000 minimum loan for each property. A lot of rentals in Dayton are lower priced and won't support that loan amount.

Huntington is a good choice. They have traditional lending standards, but are investor friendly-ish. They will also do a couple portfolio loans (or used to). Most local banks and credit unions will have a similar process and standards.

A bit of history.  I am self employed  and have been in the same line of business for 14 yrs. My first rental I purchased 5 yrs ago . It is a double and one until has been 100% rented at 625. The other unit has been rented 80% of the times at 625 as well.  I pay all utilities.   My second property I purchased 3 yrs ago and it has been 100% rented at 650 per month.  My third rental I purchased a yr ago and it has a year lease until Nov at 725 a montth.  My fourth rental I purchased  in march and it will be completely rehabbed by the end of august and I will be renting it for 750 a month ( I have 5 to 8 people interested.)  I also rent out extra rooms in my home which brings in 575 a month.  The only property I owe on is the one I live in.  When I go to get financing with a bank or credit union they won't lend because they say my debt to income is too high....and they are afraid to lend to self employed individuals. 

hmmm any help ?

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