Financing Needs
Hello everyone, this is my first time posting here and I am hoping for some contact information. Here is the scenario I have:
Right now I have one rental property the house is a SFR and it is owned free and clear. Approximate value is 80-90k and has a current tenant that has been there long term. Current tenant pays $800 per month and has positive cash flow.
I'm looking to buy a second rental. The property I've found is a 4 unit building near the first rental. All units are 1 bedroom 1 bath. All units have long term tenants (longest is 11 years shortest is 3 years). Owner is retiring and wants to sell. Willing to take 110k for the property.
What I am looking for is a lender that will do a double transaction with me. I'm looking for cash out of the rental I currently own of roughly 35k. I'd like to use that cash as a down payment on the new property.
From there I would need a lender that will go up to 75% LTV on the multi unit.
What I'm looking for specifically is a lender that would do something similar to what FirstKey does but with the property sizes I'm speaking of. All of this qualifies with them other than the loan sizes. The minimum SFR property value is 100k (mine is 80-90k) and the minimum property value for multi unit is 120k (I'd rather not pay 10k extra just to qualify if possible).
What I would like to do is use the rental income from these properties to qualify for the loans. I have a job and decent credit but my goal is to do this under my LLC and only use the rental income to qualify.
I'd love to hear ideas or referrals to lenders etc. I've got this multi unit ready to go under contract as soon as I can arrange some financing.
Thanks in advance.
