Need advice on how to find private lenders and creative financing options
A little bit about myself and what I'm looking for:
I've lived in the STL area for basically my whole life (22 years). I have great connections here and basically decided I should use it to buy properties and rent out. Within the last 5 months I've bought 2x 2b1b condos and within a couple days secured year long tenants for each. my rental price is twice my mortgage, taxes, and other fixed costs. I'm still getting requests for rooms but I just don't have anymore capital to purchase more places. Plus since I've just bought these properties and can't count the income, my debt to income ratio is too high for traditional lenders to consider. I've called many local banks but they are being swallowed by the high buying season and many don't take any interest in creative financing options. There are about 2 properties right now that I'm looking at and can expect about the same cashflow but don't have the cash to purchase them.
If there's anyone out there who would know of how I can get other sources of financing please help! Im stuck on what to do but don't want these opportunities to pass
Connect with Jason Palliser (jason at goseejason.com) - he knows just about EVERYBODY in STL and areas beyond. He's a great resource for funding.
@Alex Tillman Thank you for the tip!!! much appreciated