Financing... where am I going wrong?
I have a young portfolio of 5 single family properties worth $775k. I owe $416K. I am trying to refinance and cash out to invest in more properties. The best financing I can find is about 6%, 75% LTV. This eats a significant portion of my cash flow and makes it impossible to eventually hire a property management firm once I do acquire more properties.
I would need to find money around 5% on the high end in order to make it worth it to me. Am I asking too much? Is this impossible to find outside of conventional financing?
My goal is to partner with a lender so I can flip deals to them and quickly move on properties as they come available. Conventional financing has been too slow in the past, and they are oftentimes a pain to work with.
What are you guys seeing on your deal that you finance? Thanks!