@Leo Glazer use that $150k you have saved up and buy a $120k house in cash and keep $30k in reserves. Move into it and after 12 months refinance it at 80% LTV and take that cash and go buy another house in cash or see if you can get a loan.
You just need to talk to more lenders. Find one that lends more heavily on the value and rents than your financials. If you're going for cash flow, which I assume from the states you mentioned, then that shouldn't be a problem. Even US bank commercial does this so they're not that hard to find once you know what kind of lender you're looking for.
@Leo Glazer I know of lenders in my area (Columbus, Ohio) that have a residential bank statement product with 25% down on 2-4 units. The only criteria are that the current rents need to be greater than the total monthly payments. This is easy to find with the multifamily properties in Columbus. I would suggest going that route. You could get a few properties with the amount you have saved up.
We have a great market in Cleveland for cash flow. I would take that and buy a few properties cash, fix them up a little, stabilize them and pull your money back out in 7-8 months or so. That's just me.. I have a lender In mind that could potentially help as well
Let me know if you'd like to see what we got in inventory!
Either way, good luck my friend!
Originally posted by @Leo Glazer :
I saved 150k I study for long time to be ready I’m looking for buy 2-4 doors (Florida /Ohio ) I apply for home loan I was 100% positive that I will get loan I ask only for 200k thy give me only FHA loan My credit it’s excellent score I have free rent I don’t have expenses The bank saying that I don’t have enough long history of credit What you will do if you was me ?
What are you trying to buy? Owner occupied, non owner occupied etc?
@Leo Glazer do what you feel comfortable with. Everyone has their own way of doing things. Don’t buy a deal if you don’t feel comfortable with it.
So I'm trying to buy for the beginning its 2-4 doors up to 100k whit a minimum of 20%cash on cash return I now its a lot but I so in ohio there are great returns
@Leo Glazer if you go to multiple banks in a short time period, the additional credit pulls won’t lower your score. The scoring model understands that multiple banks pulling credit around the same time is you shopping and is really a single credit event.
@Leo Glazer I shot you a connection request so I can share those lenders.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you