my last shop looking for a lender
Hi guys, I have read a some of your books and watched some of your videos, but right now, I am feel so bad. let me present myself, I just got in the US 9 years ago, I bought my first house in 2016, single home 3 bed and 1 bad, 1 1/2 stories, 1 1/2 acres. I have been renting out one bedroom and sharing the bathroom for 4 years,, now I have improved my second floor with a new bathroom and renting out my second floor as Airbnb, and for now it is really great. For now everything is great, I just find another house in one of the best neighborhood in Richmond VA, Mechanicsville, a house 3 bed and 2 bath, easily you can rent it out for 1800, plus there are a guest house very separated from main house, fully equipped, 3 bed, 1 bath, 2 living room and kitchen , separated entrance for another street, and parking space for more than 2 cars. The price it seems me very good, but I can get any lender to make a deal on this, I can put a down payment of 15.000 plus leave my house as guaranteed, but nothing. Really all of this it took me down. I am trying to get in to investing in real estate, but with out a lot of money is very difficult, and I understand why most of the person quick.
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What type of lenders have you spoken with? What are their objections or concerns? Being able to rent for $1800 may not be enough to make that a good deal for you. Also, you mentioned using your own house as additional collateral. Most private money or hard money lenders will not want to use a personal residence as collateral because of Dodd Frank regulations regarding how to handle loans for personal residences. Can you give more detail about the analysis you have done regarding the cash flow of the investment property?