What lender should I use for Brrrr
I've been looking around BP and other sites to try and get a good idea of what kind of lender I should use, but I'm seeing a lot of contradicting information. I realize there is a lot of options out there when it comes to funding an REI project, But I don't want to make the mistake of using a hammer to set a screw. That being said, I'm trying to find the appropriate funding method for the REI project I'm venturing into.
This is what i'm working with,
-Interested in Brrrr properties SFH's, 20K-60K purchase price with 20K in repairs on average.
-I have excellent credit with a 30% DTI (not eligible for any First time home buyer incentives)
-already approved by a major lender (wells fargo) for 150K 5.5% can go up to 180K
-I can cover around 40K for down payment, CC and repairs.
My goal is to Brrrr and not hit the "lending wall" at 10 properties. I'm not sure If I should start with a private lender or a traditional bank. Any advice would be appreciated. Thank you.
Matt C