Looking to buy a 5-10 properties but need to find financing

Looking to buy a 5-10 properties but need to find financing

Member since 2024 · 15 posts · 15 votes

My boyfriend and I are looking to purchase 5-10 properties in the next 12 months that will be then rented to Section 8 tenants. If we find good financing, we can purchase the houses in the next few months. This is in Ohio State.

I do not anticipate the purchase price to be higher than 80,000 USD. However, here is the tricky part. My boyfriend is a foreign national with an ITIN number, US address, and an AMEX in the USA, but he is not a US citizen, so a lot of the times, he is not offered good loan programs. I am a US citizen with a 680 credit score (actually, credit karma shows 680 for one bureau and 710 for another bureau), but I haven't worked in the USA for years, and overall, we are looking to get a DSCR loan. I have one Amex card showing up and a bunch of student loans - do banks take these as trades? Overall, I am trying to find a bank that can still do 85% LTV with this type of credit. Or if there are other nonconventional ways to find financing - please let me know! Since our goal is to scale in real estate and we do have the funds, we would prefer to minimize the deposits and invest into reno where necessary and keep the capital for now for improvements, if they arise. Thank you all in advance!

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Chris SeveneyBusiness Member
Moderator
Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
2y

@Anna Doumkina

It’s going to be very challenging getting a lender to do one property with that low of a down payment - so start with 1 before trying to buy 5-10

Section 8 properties also have a lot more maintenance so you will want to make sure to have adequate reserves as well

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  • AJ ExnerPro Member
    Lender · Springfield, MO · Member since 2023 · 654 posts · 315 votes
    2y
    Quote from @Anna Doumkina:

    My boyfriend and I are looking to purchase 5-10 properties in the next 12 months that will be then rented to Section 8 tenants. If we find good financing, we can purchase the houses in the next few months. This is in Ohio State.

    I do not anticipate the purchase price to be higher than 80,000 USD. However, here is the tricky part. My boyfriend is a foreign national with an ITIN number, US address, and an AMEX in the USA, but he is not a US citizen, so a lot of the times, he is not offered good loan programs. I am a US citizen with a 680 credit score (actually, credit karma shows 680 for one bureau and 710 for another bureau), but I haven't worked in the USA for years, and overall, we are looking to get a DSCR loan. I have one Amex card showing up and a bunch of student loans - do banks take these as trades? Overall, I am trying to find a bank that can still do 85% LTV with this type of credit. Or if there are other nonconventional ways to find financing - please let me know! Since our goal is to scale in real estate and we do have the funds, we would prefer to minimize the deposits and invest into reno where necessary and keep the capital for now for improvements, if they arise. Thank you all in advance!


    Hey Anna,

    I can see why it has been tough to acquire financing, but I'm glad you reached out to BP. The biggest thing I'm seeing actually isn't his residency status, but I think you'll have the biggest issue with the value of the properties you are looking at. It can be tricky to find loan programs that will lend on properties below $100k, but I do think I have a program that can lend below $100k, and if you had a 50-50 LLC, you would be good to move forward at 80% LTV.

    If you have a project that is more 'BRRR'-centric, there would be a few more options, but regardless I would love to connect and help!

    Sent a DM.

    Good luck!

  • Member since 2024 · 11 posts · 7 votes
    2y

    Hello, My name is Ted and my company can help and we are also local. North Coast Consulting Group , we are a private lender 

  • Member since 2024 · 15 posts · 15 votes
    2y
    Quote from @Ted Davenport:

    Hello, My name is Ted and my company can help and we are also local. North Coast Consulting Group , we are a private lender 

    Hey Ted! Please send me a private message!
  • River SavaPro Member
    Lender · USA · Member since 2022 · 1k+ posts · 1k+ votes
    2y

    Hi Anna- a have you looked into DSCR loans? They're non-conventional and sound like they would be a great option considering DTIs don't come into play in addition to lending to foreign nationals. Happy to discuss further with you to see if it would make sense!

  • Samuel DioufBusiness Member
    Real Estate Agent · Columbus & Cleveland, OH · Member since 2023 · 1k+ posts · 1k+ votes
    2y

    I'd be happy to connect you with some great DSCR lenders local to Ohio!

  • Member since 2024 · 1 post · 1 vote
    2y
    Quote from @Anna Doumkina:

    My boyfriend and I are looking to purchase 5-10 properties in the next 12 months that will be then rented to Section 8 tenants. If we find good financing, we can purchase the houses in the next few months. This is in Ohio State.

    I do not anticipate the purchase price to be higher than 80,000 USD. However, here is the tricky part. My boyfriend is a foreign national with an ITIN number, US address, and an AMEX in the USA, but he is not a US citizen, so a lot of the times, he is not offered good loan programs. I am a US citizen with a 680 credit score (actually, credit karma shows 680 for one bureau and 710 for another bureau), but I haven't worked in the USA for years, and overall, we are looking to get a DSCR loan. I have one Amex card showing up and a bunch of student loans - do banks take these as trades? Overall, I am trying to find a bank that can still do 85% LTV with this type of credit. Or if there are other nonconventional ways to find financing - please let me know! Since our goal is to scale in real estate and we do have the funds, we would prefer to minimize the deposits and invest into reno where necessary and keep the capital for now for improvements, if they arise. Thank you all in advance!


     Would be happy to make the connection to our Hard Money Lender - Jason Taken

  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    2y

    @Anna Doumkina

    It’s going to be very challenging getting a lender to do one property with that low of a down payment - so start with 1 before trying to buy 5-10

    Section 8 properties also have a lot more maintenance so you will want to make sure to have adequate reserves as well

    7e investments53 Reviews
  • Lender · Member since 2022 · 72 posts · 19 votes
    2y

    Hello Anna, you can do the DSCR under your name and we can do 85% LTV, lets chat!

  • Kerry Noble JrPro Member
    Investor · Indianapolis, IN · Member since 2018 · 2k+ posts · 1k+ votes
    2y
    Quote from @Anna Doumkina:

    My boyfriend and I are looking to purchase 5-10 properties in the next 12 months that will be then rented to Section 8 tenants. If we find good financing, we can purchase the houses in the next few months. This is in Ohio State.

    I do not anticipate the purchase price to be higher than 80,000 USD. However, here is the tricky part. My boyfriend is a foreign national with an ITIN number, US address, and an AMEX in the USA, but he is not a US citizen, so a lot of the times, he is not offered good loan programs. I am a US citizen with a 680 credit score (actually, credit karma shows 680 for one bureau and 710 for another bureau), but I haven't worked in the USA for years, and overall, we are looking to get a DSCR loan. I have one Amex card showing up and a bunch of student loans - do banks take these as trades? Overall, I am trying to find a bank that can still do 85% LTV with this type of credit. Or if there are other nonconventional ways to find financing - please let me know! Since our goal is to scale in real estate and we do have the funds, we would prefer to minimize the deposits and invest into reno where necessary and keep the capital for now for improvements, if they arise. Thank you all in advance!

     Definitely Check with @Jayson Cain and see what he can do for you on his end as a lender

  • Member since 2024 · 15 posts · 15 votes
    2y
    Quote from @AJ Exner:
    Quote from @Anna Doumkina:

    My boyfriend and I are looking to purchase 5-10 properties in the next 12 months that will be then rented to Section 8 tenants. If we find good financing, we can purchase the houses in the next few months. This is in Ohio State.

    I do not anticipate the purchase price to be higher than 80,000 USD. However, here is the tricky part. My boyfriend is a foreign national with an ITIN number, US address, and an AMEX in the USA, but he is not a US citizen, so a lot of the times, he is not offered good loan programs. I am a US citizen with a 680 credit score (actually, credit karma shows 680 for one bureau and 710 for another bureau), but I haven't worked in the USA for years, and overall, we are looking to get a DSCR loan. I have one Amex card showing up and a bunch of student loans - do banks take these as trades? Overall, I am trying to find a bank that can still do 85% LTV with this type of credit. Or if there are other nonconventional ways to find financing - please let me know! Since our goal is to scale in real estate and we do have the funds, we would prefer to minimize the deposits and invest into reno where necessary and keep the capital for now for improvements, if they arise. Thank you all in advance!


    Hey Anna,

    I can see why it has been tough to acquire financing, but I'm glad you reached out to BP. The biggest thing I'm seeing actually isn't his residency status, but I think you'll have the biggest issue with the value of the properties you are looking at. It can be tricky to find loan programs that will lend on properties below $100k, but I do think I have a program that can lend below $100k, and if you had a 50-50 LLC, you would be good to move forward at 80% LTV.

    If you have a project that is more 'BRRR'-centric, there would be a few more options, but regardless I would love to connect and help!

    Sent a DM.

    Good luck!


     Hello! Thank you for your message! We are set on 85%, though. However, let's connect anyway! Perhaps there are other options to be discussed. Please dm me. Thank you!

  • Member since 2024 · 15 posts · 15 votes
    2y
    Quote from @Kerry Noble Jr:
    Quote from @Anna Doumkina:

    My boyfriend and I are looking to purchase 5-10 properties in the next 12 months that will be then rented to Section 8 tenants. If we find good financing, we can purchase the houses in the next few months. This is in Ohio State.

    I do not anticipate the purchase price to be higher than 80,000 USD. However, here is the tricky part. My boyfriend is a foreign national with an ITIN number, US address, and an AMEX in the USA, but he is not a US citizen, so a lot of the times, he is not offered good loan programs. I am a US citizen with a 680 credit score (actually, credit karma shows 680 for one bureau and 710 for another bureau), but I haven't worked in the USA for years, and overall, we are looking to get a DSCR loan. I have one Amex card showing up and a bunch of student loans - do banks take these as trades? Overall, I am trying to find a bank that can still do 85% LTV with this type of credit. Or if there are other nonconventional ways to find financing - please let me know! Since our goal is to scale in real estate and we do have the funds, we would prefer to minimize the deposits and invest into reno where necessary and keep the capital for now for improvements, if they arise. Thank you all in advance!

     Definitely Check with @Jayson Cain and see what he can do for you on his end as a lender


     Thank you!

  • Member since 2024 · 15 posts · 15 votes
    2y
    Quote from @Clint Miller:

    Hi Anna,

    I hope you're doing well! We're excited about the opportunity to connect with you. As a nationwide private money lender and broker, we specialize in a range of funding solutions for non-owner-occupied real estate investments. We’ve recently launched a new funding program with preferred terms and would love to discuss how it could benefit you. Let’s find a time to chat and go over any questions you might have.

    Looking forward to speaking with you!


     Thank you for your reply! Let's connect! Please send me a message! 

  • Member since 2024 · 15 posts · 15 votes
    2y
    Quote from @Clint Miller:

    Hi Anna,

    I hope you're doing well! We're excited about the opportunity to connect with you. As a nationwide private money lender and broker, we specialize in a range of funding solutions for non-owner-occupied real estate investments. We’ve recently launched a new funding program with preferred terms and would love to discuss how it could benefit you. Let’s find a time to chat and go over any questions you might have.

    Looking forward to speaking with you!


     Thank you! Let's connect! Please send me a direct message! 

  • Lender · Member since 2021 · 495 posts · 130 votes
    2y
    Quote from @Anna Doumkina:

    My boyfriend and I are looking to purchase 5-10 properties in the next 12 months that will be then rented to Section 8 tenants. If we find good financing, we can purchase the houses in the next few months. This is in Ohio State.

    I do not anticipate the purchase price to be higher than 80,000 USD. However, here is the tricky part. My boyfriend is a foreign national with an ITIN number, US address, and an AMEX in the USA, but he is not a US citizen, so a lot of the times, he is not offered good loan programs. I am a US citizen with a 680 credit score (actually, credit karma shows 680 for one bureau and 710 for another bureau), but I haven't worked in the USA for years, and overall, we are looking to get a DSCR loan. I have one Amex card showing up and a bunch of student loans - do banks take these as trades? Overall, I am trying to find a bank that can still do 85% LTV with this type of credit. Or if there are other nonconventional ways to find financing - please let me know! Since our goal is to scale in real estate and we do have the funds, we would prefer to minimize the deposits and invest into reno where necessary and keep the capital for now for improvements, if they arise. Thank you all in advance!


     Hi Anna,

    We can do 80% ltv in this price range and regular do one or more properties for clients in OH markets. Please reach out if my team can help.


    Andrew

  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    2y
    Quote from @Anna Doumkina:

    My boyfriend and I are looking to purchase 5-10 properties in the next 12 months that will be then rented to Section 8 tenants. If we find good financing, we can purchase the houses in the next few months. This is in Ohio State.

    I do not anticipate the purchase price to be higher than 80,000 USD. However, here is the tricky part. My boyfriend is a foreign national with an ITIN number, US address, and an AMEX in the USA, but he is not a US citizen, so a lot of the times, he is not offered good loan programs. I am a US citizen with a 680 credit score (actually, credit karma shows 680 for one bureau and 710 for another bureau), but I haven't worked in the USA for years, and overall, we are looking to get a DSCR loan. I have one Amex card showing up and a bunch of student loans - do banks take these as trades? Overall, I am trying to find a bank that can still do 85% LTV with this type of credit. Or if there are other nonconventional ways to find financing - please let me know! Since our goal is to scale in real estate and we do have the funds, we would prefer to minimize the deposits and invest into reno where necessary and keep the capital for now for improvements, if they arise. Thank you all in advance!


    85 LTV is a stretch for a 680 credit score. I can see this working on an 80 LTV loan with a. higher rate.

    Can you rescore your credit to get to 700"? It may require paying down some balances and taking out authorized users 

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  • Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes
    2y
    Quote from @Anna Doumkina:

    My boyfriend and I are looking to purchase 5-10 properties in the next 12 months that will be then rented to Section 8 tenants. If we find good financing, we can purchase the houses in the next few months. This is in Ohio State.

    I do not anticipate the purchase price to be higher than 80,000 USD. However, here is the tricky part. My boyfriend is a foreign national with an ITIN number, US address, and an AMEX in the USA, but he is not a US citizen, so a lot of the times, he is not offered good loan programs. I am a US citizen with a 680 credit score (actually, credit karma shows 680 for one bureau and 710 for another bureau), but I haven't worked in the USA for years, and overall, we are looking to get a DSCR loan. I have one Amex card showing up and a bunch of student loans - do banks take these as trades? Overall, I am trying to find a bank that can still do 85% LTV with this type of credit. Or if there are other nonconventional ways to find financing - please let me know! Since our goal is to scale in real estate and we do have the funds, we would prefer to minimize the deposits and invest into reno where necessary and keep the capital for now for improvements, if they arise. Thank you all in advance!


     Well 1st off, I am not sure who you are speaking with or what you are looking at, you are NOT buying fully renovated props for 80k or less in Cleveland. 2nd you are not getting a loan if you do not have a US address and bank acct (Unless there is a new program that started last month or so) I have dozens of clients from overseas that would love to get a loan but cannot. They had to purchase one cash then set it up. But the bigger issue is your expectations of all in 80k, not happening. I can get them you can't. I DO NOT mean that the way it sounds. I have been doing business there for many years and have a huge network, 

    I wish you the best 

  • Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes
    2y
    Quote from @Ted Davenport:

    Hello, My name is Ted and my company can help and we are also local. North Coast Consulting Group , we are a private lender 


     TED, you posted you have " A LOT of props you want to sell" what's up. We are always looking for deals, Also this poster is not buying fully renovated props for 80k, SURE maybe just maybe he can find one here and there, but highly unlikely .

  • Catlett, VA · Member since 2024 · 80 posts · 5 votes
    2y

    Looking for financing can be challenging. It would help to compare your options. You can work with someone who can evaluate your properties and provide more than one option. If you still need help, let's connect. 

  • Joshua JanusBusiness Member
    Realtor · Cleveland, OH · Member since 2021 · 1k+ posts · 1k+ votes
    2y
    Quote from @Anna Doumkina:

    My boyfriend and I are looking to purchase 5-10 properties in the next 12 months that will be then rented to Section 8 tenants. If we find good financing, we can purchase the houses in the next few months. This is in Ohio State.

    I do not anticipate the purchase price to be higher than 80,000 USD. However, here is the tricky part. My boyfriend is a foreign national with an ITIN number, US address, and an AMEX in the USA, but he is not a US citizen, so a lot of the times, he is not offered good loan programs. I am a US citizen with a 680 credit score (actually, credit karma shows 680 for one bureau and 710 for another bureau), but I haven't worked in the USA for years, and overall, we are looking to get a DSCR loan. I have one Amex card showing up and a bunch of student loans - do banks take these as trades? Overall, I am trying to find a bank that can still do 85% LTV with this type of credit. Or if there are other nonconventional ways to find financing - please let me know! Since our goal is to scale in real estate and we do have the funds, we would prefer to minimize the deposits and invest into reno where necessary and keep the capital for now for improvements, if they arise. Thank you all in advance!

    Hey I would be careful overleveraging with Section 8 rentals. They do require a lot of maintenance and you'll need the cash reserves to handle that. Some months are great and some aren't. You'll also want to up the budget around 90-120k for single families and 140-180k for duplexes otherwise you'll either be 
    1- in really rough areas that nobody wants to rent in. high vacancy, crime etc. You'll lose to inflation investing here over time if you are one of the very few that consistently cash flow. 
    2 - the place will be far from turnkey and will require thousands to get Section 8 ready. 
  • Investor · Member since 2024 · 17 posts · 20 votes
    2y
    Quote from @Emanuele Mayer:

    Hello Anna, you can do the DSCR under your name and we can do 85% LTV, lets chat!


     Would love to connect with you. I messaged you 

  • Investor · Member since 2024 · 17 posts · 20 votes
    2y
    Quote from @Emanuele Mayer:

    Hello Anna, you can do the DSCR under your name and we can do 85% LTV, lets chat!


     Would love to connect with you. I messaged you 

  • Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes
    2y
    Quote from @Anna Doumkina:

    My boyfriend and I are looking to purchase 5-10 properties in the next 12 months that will be then rented to Section 8 tenants. If we find good financing, we can purchase the houses in the next few months. This is in Ohio State.

    I do not anticipate the purchase price to be higher than 80,000 USD. However, here is the tricky part. My boyfriend is a foreign national with an ITIN number, US address, and an AMEX in the USA, but he is not a US citizen, so a lot of the times, he is not offered good loan programs. I am a US citizen with a 680 credit score (actually, credit karma shows 680 for one bureau and 710 for another bureau), but I haven't worked in the USA for years, and overall, we are looking to get a DSCR loan. I have one Amex card showing up and a bunch of student loans - do banks take these as trades? Overall, I am trying to find a bank that can still do 85% LTV with this type of credit. Or if there are other nonconventional ways to find financing - please let me know! Since our goal is to scale in real estate and we do have the funds, we would prefer to minimize the deposits and invest into reno where necessary and keep the capital for now for improvements, if they arise. Thank you all in advance!


     I can get as many as I want. BTW you are not getting anything (maybe you will get lucky and get one) for 80k or less fully renovated. 

  • Member since 2024 · 15 posts · 15 votes
    2y
    Quote from @Bob S.:
    Quote from @Anna Doumkina:

    My boyfriend and I are looking to purchase 5-10 properties in the next 12 months that will be then rented to Section 8 tenants. If we find good financing, we can purchase the houses in the next few months. This is in Ohio State.

    I do not anticipate the purchase price to be higher than 80,000 USD. However, here is the tricky part. My boyfriend is a foreign national with an ITIN number, US address, and an AMEX in the USA, but he is not a US citizen, so a lot of the times, he is not offered good loan programs. I am a US citizen with a 680 credit score (actually, credit karma shows 680 for one bureau and 710 for another bureau), but I haven't worked in the USA for years, and overall, we are looking to get a DSCR loan. I have one Amex card showing up and a bunch of student loans - do banks take these as trades? Overall, I am trying to find a bank that can still do 85% LTV with this type of credit. Or if there are other nonconventional ways to find financing - please let me know! Since our goal is to scale in real estate and we do have the funds, we would prefer to minimize the deposits and invest into reno where necessary and keep the capital for now for improvements, if they arise. Thank you all in advance!


     Well 1st off, I am not sure who you are speaking with or what you are looking at, you are NOT buying fully renovated props for 80k or less in Cleveland. 2nd you are not getting a loan if you do not have a US address and bank acct (Unless there is a new program that started last month or so) I have dozens of clients from overseas that would love to get a loan but cannot. They had to purchase one cash then set it up. But the bigger issue is your expectations of all in 80k, not happening. I can get them you can't. I DO NOT mean that the way it sounds. I have been doing business there for many years and have a huge network, 

    I wish you the best 


    We have a US address and US bank accounts. I also have US citizenship and whatever else comes with it. Upping the budget for a proper property is not an issue. We have the funds to infuse the money into a reno, not a full rehab. Just because I don't want to deal with a rehab. 

  • Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes
    2y
    Quote from @Anna Doumkina:
    Quote from @Bob S.:
    Quote from @Anna Doumkina:

    My boyfriend and I are looking to purchase 5-10 properties in the next 12 months that will be then rented to Section 8 tenants. If we find good financing, we can purchase the houses in the next few months. This is in Ohio State.

    I do not anticipate the purchase price to be higher than 80,000 USD. However, here is the tricky part. My boyfriend is a foreign national with an ITIN number, US address, and an AMEX in the USA, but he is not a US citizen, so a lot of the times, he is not offered good loan programs. I am a US citizen with a 680 credit score (actually, credit karma shows 680 for one bureau and 710 for another bureau), but I haven't worked in the USA for years, and overall, we are looking to get a DSCR loan. I have one Amex card showing up and a bunch of student loans - do banks take these as trades? Overall, I am trying to find a bank that can still do 85% LTV with this type of credit. Or if there are other nonconventional ways to find financing - please let me know! Since our goal is to scale in real estate and we do have the funds, we would prefer to minimize the deposits and invest into reno where necessary and keep the capital for now for improvements, if they arise. Thank you all in advance!


     Well 1st off, I am not sure who you are speaking with or what you are looking at, you are NOT buying fully renovated props for 80k or less in Cleveland. 2nd you are not getting a loan if you do not have a US address and bank acct (Unless there is a new program that started last month or so) I have dozens of clients from overseas that would love to get a loan but cannot. They had to purchase one cash then set it up. But the bigger issue is your expectations of all in 80k, not happening. I can get them you can't. I DO NOT mean that the way it sounds. I have been doing business there for many years and have a huge network, 

    I wish you the best 


    We have a US address and US bank accounts. I also have US citizenship and whatever else comes with it. Upping the budget for a proper property is not an issue. We have the funds to infuse the money into a reno, not a full rehab. Just because I don't want to deal with a rehab. 


     well then set you numbers at about 110- 125k at least. Also, since you are not cash,( you have 150k- 300k cash for the DP ? )  you are not going to get the great deals. You are competing against cash as is close in 1 week - 10 days, vs Inspections, appraisals, so about 30 - 60 days. BTW who is walking the property for you? Who is providing you with the reno budget and who will do the repairs?  Also, who is telling you its a good deal and the correct area? Your realtor is NOT part of your team, all the want to do is sell you the house. YES I know there are some that care, but most do not

  • Member since 2024 · 37 posts · 4 votes
    2y

    Hi Anna! Let's connect, love to know more about your project and see what program might fit.

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