Looking for a private mortgage lender near Atlanta GA (Norcross, Gwinnett County).
Hi all,
We are looking for a financial partner to help us by providing private mortgages on one or more of our free and clear properties. Funds will be used for reinvesting in more rental properties.
We have made 4 purchases in Atlanta GA during Q4 '12, 3 in cash. We are going to be closing on hopefully 2 or 3 more rentals by mid January 2013, all cash.
We are team of 3, father and two sons. Our rental portfolio is currently over 9 homes between CA, NC, and GA. And we are now focusing on the Atlanta. All properties are fully insured and have title insurance. We manage all of the properties in California and Atlanta ourselves.
We buy properties that meet or near the 2% rule, and after reducing 50% of gross rents, we provide + or - 10% returns. We will make payments from the income of the property, and in the case of default, the property is yours (hope that never happens).
Here
930 Buckley Place Snellville, GA
Purchase price was $50,000
Fully rented at $900.
Seeking 60+% LTV @ 10-30 years.
Seeking interest rates lower than 6%.
For example:
$35,000 loaned at 70% LTV 15 year fixed loan at 5%, $277/mo.
$35,000 loaned at 70% LTV 30 year fixed loan at 5% , $188/mo.
Payments would include mortgage and interest. Paid out monthly, quarterly, or yearly.
If we can get a good deal agreed on, we can be in business for multiple properties.
We could even combine multiple homes into one loan package. Either giving the lender security directly onto the properties' title, or to an LLC, whichever is best for the security of the lender.