What now?

8 Replies

So I invest in Cincinnati, OH I have 2 properties right now a single family I occupy and a duplex that is rented. I would like to continue my investing but I can not receive traditional financing any more. Is there anyone that is in my area that could offer help or anyone with any advice. I am a real estate agent also I have recourses to do a flip, I am willing to work with someone. I am not to keen on a hard money loan and I have already used a HELOC. Ideas??????????? Suggestions????????????

Thanks everyone in advance ;)

@Erin Tarantino

  What kind of investing are you looking to do?  Looking for strategies to acquire more buy and holds?  Rehabs?

There are two really good banks that my partners are using for their buy and holds and flips.  Check out Valley Central Bank and Spring Valley Bank.  I believe they are both portfolio lenders and are very easy to work with and offer reasonable rates.

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I suggest joining a local REIA in our area. See you is a pro and see if you can JV with them. I usually do that within the club here. The partnership is such where one provides the monies and the other provides the experience and training. Usually you can make money while you learn. good luck.

I was thinking I want to do a flip or another buy and hold if it would offer cash flow.  

Hi Erin, It sounds like you're off to a good start. I would heed @Coleman Nelson 's advice and check out those savings banks/portfolio lenders he mentioned. I'm not familiar with Valley Central Bank, but Spring Valley has a rehab loan that is based mostly on the deal and partly on you. I believe their board of 5 or 6 meet every Wed. to review deals/lending opportunities and can get you response fairly quickly as well. I've got a deal under review right now with them and their terms seems reasonable.

As far as HML in Cincy, the only one I have experience with, I wouldn't recommend. It'll definitely allow you to move forward and do a flip project, but the terms, fees, communication, process, was rather terrible. Just my experience. Please reach out if I can help further or elaborate. Good luck!

Originally posted by @Account Closed :

banks arent in the lending business. check out our 30 year private loans! 

 She isnt keen on Hardmoney loan!

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