Financing Ideas Needed? Thanks in advance!
Hello All,
I currently own 13 real estate properties in the Northeast Ohio area and I'm looking to obtain a loan to assist with further expansion. I'm finding it difficult to find loans geared towards rental property investments, as I bank with a larger institutional bank and they are fairly selective in what they'll lend to. All the properties are owned 100% by an LLC that I formed. On an individual basis, I have a credit score over 800 with revenue already being created and have very little debt. I've been contacted by B2R about potential loans via; the mail, however I didn't meet the criteria they were looking for due to the houses having lost some value. The dilemma is most of my houses are valued between $40,000 - $50,000 which has made Refi almost impossible especially having them in an LLC. I still have liquid available to put down in the event that I can find a loan. The houses in my area are yielding me an average of 20-30% yearly in rental income. In hindsight, had I known how difficult it would be to get loans on houses valued less than $50,000, I would have bought houses that had higher values. However, higher priced houses would have reduced my yearly ROI. It seemed like a good idea to go for the higher ROI but know I'm starting to feel like I may need to start liquidating and repurchasing different houses. I figured I'd come to this forum to see if anyone had any ideas before I started. Again, I still have money to put down. Can anyone help me? Thank you in advance for taking the time to read my post and for any advice and/or suggestions.