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Updated almost 10 years ago on . Most recent reply

User Stats

17
Posts
1
Votes
Sean Elliott
  • Investor
  • Indianapolis, IN
1
Votes |
17
Posts

Overcoming Issues Growing a REI Business

Sean Elliott
  • Investor
  • Indianapolis, IN
Posted
Hello BP, It's been a while, last week I just closed on my first SFR. This will be my 3rd property acquisition along with my 2 duplexes rental properties. In one duplex I live in one side and rent the other. The second and third properties I completely rent out. So far my rate of property purchases have basically been 1 per year. But, to be honest BP this was ok when I first started this REI journey but now it sucks. This production is not acceptable. I need MORE!!! 
Currently all three properties are on standard 30yr. Fixed mortgages. But now the banks are saying NO!,due to my Debt/income ratio and saying they will not finance me anymore. So BP do you have any creative ways so I can acquire more property? I have a few ideas I'm considering listed below. What would you do in my situation? 1)take on a partner to share debt burden 
2)Use HELOC to start actively flipping homes, and use money to buy more rentals 
3) Keep calling banks for financing 
4)Sell current 3 properties and buy 1 larger commercial property

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