I was wanting to get some more experienced investors advice on this.
I am 27 years old and currently have 11 houses. I have used seller financing, creative financing etc for all of them so far. I’m wanting to really scale out as I want this to be a full time job for me. I spoke with a bank who’s willing to give me a line for $700,000 but I can only buy 5 units with it.
Does anybody have any advice for me on how to scale out and really start gaining more units.
I feel like I could do a lot with 700,000 if it could be used on more than 5 units where I’m at
Or does anyone have any other methods of gaining more units with little money down
Hey @Zach Krietemeyer ! Great progress thus far man!
So with the $700k, couldnt you go ahead and put 20-25% down on about 10+ SFH? Or what you could do is go after an apartment building, putting $700k down would get around $2.5m building
@Jake Stuttgen those were my initial thoughts as well, but when I spoke with bank she said I could only do 5 units with the $700,000
@Zach Krietemeyer Are you interested in going after a multifamily deal (5+ units)? At that point, you could speak with a commercial lender and they'd likely help you get a deal done that'd help you achieve your goals.
I also am working on a large apartment deal currently that I am putting a big chunk of Line of credit into.
Would love to discuss this stuff with ya! Feel free to send me a message
Is the 5 unit limitation because of their lending limitation? If that's the case, have you tried other lenders? What about doing a cash out refi? Or finding a portfolio lender and doing a refi for all 11 as a package? Or maybe even selling all 11 and doing a 1031 exchange? I'm throwing out ideas, sorry if you've considered these already. Good luck