Rental Property Investor · St. Augustine · Member since 2017 · 68 posts · 24 votes
A little background before I get into this: I have 4 SFHs; one I live in house hacking and three that are investment properties. With the purchase of my fourth SFH, I know I have reached the end of banks looking to give me money to do cash-out refi on any additional SFH or multi-families I might be interested in. So, I have reached this point and I am wondering, what is the next LOGICAL AND SAFE CHOICE to acquire more real estate? I purchased by last two properties with a HELOC and did a cash-out refi on both. I do have cash available to buy with the HELOC, but I think I need more "tools" in my "tool box" to purchase more properties. I have only been house hacking and investing since October 2019, so I am moving in the right direction but I also know what I don't know. Any help and/or suggestions are greatly appreciated.
You may want to start looking for a portfolio lender (it seems that Jacob may be working with one as he has 38 units with the same local bank). A portfolio lender typically does not restrict the number of properties you own.
You may want to start looking for a portfolio lender (it seems that Jacob may be working with one as he has 38 units with the same local bank). A portfolio lender typically does not restrict the number of properties you own.
An incredible situation, to have one lender that will do 38 loans!
For the rest of us, the portfolio product works on debt service coverage ratio and not on debt to income. I'm doing the same thing, switching to portfolio product because our DTI is sadly out of synch.
Nick Rutkowski I would LOVE to get any type of multifamily deal, but I have not to be able to even get close to one. They don't even last one day before they are snatched up here in South Florida AND in Tallahassee, where I buy. The last one I saw was in Tallahassee (https://www.zillow.com/homes/2347-Keith-St-Tallahassee,-FL,-32310_rb/80784115_zpid/). Lots of cash deal in Florida that are doing well.
@Louis Porter Jr. Louis you can take a look at straightline funding they will finance your deal with no tax returns and no DTI ratio, Financing is strictly off how the property performs. You will need to set up an LLC to do this.