What you will do if you was me !?

Question

Matt DeBoth · Answer

@Leo Glazer use that $150k you have saved up and buy a $120k house in cash and keep $30k in reserves. Move into it and after 12 months refinance it at 80% LTV and take that cash and go buy another house in cash or see if you can get a loan.

Ryan Evans · Answer

You just need to talk to more lenders. Find one that lends more heavily on the value and rents than your financials. If you're going for cash flow, which I assume from the states you mentioned, then that shouldn't be a problem. Even US bank commercial does this so they're not that hard to find once you know what kind of lender you're looking for.

Joshua Ryan Meador · Answer

We have a great market in Cleveland for cash flow. I would take that and buy a few properties cash, fix them up a little, stabilize them and pull your money back out in 7-8 months or so. That's just me.. I have a lender In mind that could potentially help as well

Let me know if you'd like to see what we got in inventory!

Either way, good luck my friend!

Remington Lyman · Answer

@Leo Glazer I know of lenders in my area (Columbus, Ohio) that have a residential bank statement product with 25% down on 2-4 units. The only criteria are that the current rents need to be greater than the total monthly payments. This is easy to find with the multifamily properties in Columbus. I would suggest going that route. You could get a few properties with the amount you have saved up.

Remington Lyman · Answer

@Leo Glazer I shot you a connection request so I can share those lenders.

Ryan B. · Answer

@Leo Glazer if you go to multiple banks in a short time period, the additional credit pulls won’t lower your score.  The scoring model understands that multiple banks pulling credit around the same time is you shopping and is really a single credit event.

Leo Glazer · Answer

@James Wise

Hi jame,

So I'm trying to buy for the beginning its 2-4 doors up to 100k whit a minimum of 20%cash on cash return I now its a lot but I so in ohio there are great returns

Matt DeBoth · Answer

@Leo Glazer do what you feel comfortable with. Everyone has their own way of doing things. Don’t buy a deal if you don’t feel comfortable with it.

What you will do if you was me !?

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