Buying multiple buy and holds

[Peter Padalino]

I've been on BP for several months now and have read books and listened to every podcast I can get my ears on... But somehow I feel like I've missed something pretty basic. I'd like to get started with the goal of buying and holding multiple properties for passive income, but am confused about how I'd get approved on more than 2-3 loans - including my residence. I'd like to start building a rental portfolio but I feel like I'd be out of money pretty quickly.....what am I missing here. Thanks

[Aaron Vergason]

I work with a local bank who gives me portfolio loans. That means they give me their cash to buy properties and keep the note. One bank I work with will let me get a house under contract, then appraise the house and give me 75% of the value. It's the BRRR strategy on steroids. Sometimes that's even more than I bought the house for! So I have no down payments. We have built a relationship with the local banks. They are pleased to loan us money because we aren't going anywhere. We make the loan application process super easy for them. They get all our financials each year after taxes are filed. (And chocolate baskets. :). )