Hello BP! Long time reader, first time asker here. I own a few low value properties free and clear (between 15-40k) and I'm looking to see if there is any financial vehicle I can use to refinance all of these so that I can go out and make another purchase. This would be based in Georgia.
@George Harris where in Georgia are they located? Have you started looking for a local bank near to the properties that will do portfolio loans? Here are some questions they will ask.
Have you been in business for 2 years
Are the properties in your name or LLC name
Do the properties cover 1.25 DSCR
Your personal credit
Your job history
Do you have local mamagement
Condition of the properties have you fixed them up
@George Harris as posted above, could you provide some more information on these properties? Are the mobile homes? Condos? Those types of things may affect the proper vehicle to use. Thanks!
@Eddie T. and @Andrew Postell Thanks for your replies. They are located in the Augusta area. I haven't called any of the local banks yet (I had issues just trying to get a mortgage for my 1st property there since most of my income is from overseas). I've only did a google search for portfolio loans (which usually require 60,000 minimum value per property).
Haven't reached the 2 year mark yet, properties cover the 1.25 DSCR, 740 ish credit, shouldn't have an issue with my job history (minus the fact I work overseas), local management= yes, properties are livable.
@Joel C. Thank you! I'll make sure to do that.
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