Rental Property Investor · North Vernon, IN · Member since 2018 · 136 posts · 192 votes
Hi, I'm an Indiana based buy and hold Investor with 22 doors. I need financing for a SFH. Purchase price is $59,900, rent will be $750. No repairs needed. I currently used a large chunk of my capital to acquire a 9 unit portfolio and a different SFH. I'm usually a cash buyer but don't want to touch my reserves set aside for rainy days and put most of my working capital in 10 other doors. I have $10-15k to put down and great credit.
Ideally I would like to find a private investor that would like to fund this small deal so we can build a business relationship for funding larger deals in the future. I’m also open to conventional financing if there is a bank here that handles small loans.
If I can’t get it done here I’ll just pay cash for it, but thought this would be a good opportunity to begin a relationship with a private money lender.
How many properties do you currently have financed? Conventional limits you to 10 financed properties, but it looks like you may have many owned outright.
Rental Property Investor · North Vernon, IN · Member since 2018 · 136 posts · 192 votes
7y
Jerry,
Only 1 door has conventional financing. 15 were acquired with seller financing(1st position secured note), and the rest are free and clear except for a 50% LTV HELOC I have on one.
Rental Property Investor · North Vernon, IN · Member since 2018 · 136 posts · 192 votes
7y
Update: No private investor reached out to me to partner or to finance this deal. I bought it anyway with cash. I'm having a hard time finding legit private money lenders or JV partners. Maybe I'm looking in the wrong places but it's discouraging when you lay out exactly what they should be looking for and nobody wants it. Anyway door 23 is closed and I'll keep on scaling. Still looking for the right JV partner if anyone would happen to see this and would like to bring some cash to a deal as a passively investment.
Lender · Los Angeles, CA · Member since 2018 · 2k+ posts · 1k+ votes
7y
@Andrew Flora Let's chat before you get the next one under contract. Even private money is going to have a hard time beating us at 90% LTC 6.75%-9% interest and lower origination per deal than any other HML I know.
Best part about our LOC/Exposure Limit system is that you can draw as low as $50k where as most big lenders won't go under $100k. It's a game changer in a lot of these midwest markets.
Rental Property Investor · North Vernon, IN · Member since 2018 · 136 posts · 192 votes
7y
I'll keep you in mind, Alex. I would really like to find a passive partner to bring capital to the closing table for a set return. Next time I need a HML I'll reach out, your terms look appealing. Thank you
Property Manager · Baton Rouge, LA · Member since 2014 · 2k+ posts · 195 votes
7y
Hi Andrew, its been a couple of month now.
Are you ready to use your business entity or partner with us by using our company as conduit to apply for business lines of Credit up to $300,000. Call Alex Hamilton At (225)238-3923 for more details.
Please click the Link above, and apply on-line now to me matched with a partner. Partners Need only a 700 or more credit score to benefit as co-owner of income producing acquisitions. We do Rehabs and Flips of properties, splitting profits 50/50. Remember we are doing the work and helping to Tote the Note on investments in "special Need" housing we manage. Also, we welcome Co-Singers and Business Start-Ups decide to it go alone.