What are the best practices for obtaining portfolio loans?
I am currently doing a cash out refinance on my primary home and using the cash to fund the down payments of my first two investment properties. All three of these use a conventional loan. I will not qualify for another conventional loan until I can show a rental history which will be several months away.
I have purchased a third property with a partner and am actively looking for other partnerships. Meanwhile, I plan to seek out opportunities with local banks and credit unions for a portfolio loan.
1. What are the key elements should I prepare to present when I pitch to these local banks?
2. Do these banks typically require 20% down? Or will they finance the entire purchase price?