All Forum Posts by: Dennis Perry

@Drew Brown I'm looking in the Detroit area. Surrounding suburbs as well. 

@Jaquetta T Ragland I wasn't planning on it with this method, but I can if necessary. 

@Ryan Herting Yes sir! Free and clear, all 3. Lets talk!

@Erik W. @Tarik Turner Thanks guys! I think I know what I must do now. 

@Erik W. Thanks for the reply Erik!

The method you discussed is definitely one of my options. Right now, I would like to consider it my plan B.  However, I think my question is this scenario below possible? I'll try to use numbers close to my own. 

SFH A: Owes: $0. Appraised 110k.

SFH B: Owes $0. Appraised 85k

SFH C: Owes $0. Appraised 85k

8 unit commercial property (CP) selling for $400,000.

I would like to get a loan the covers the full $400,000 from the bank and offer SFH A as collateral and the down payment on the CP.

Does that make sense?

Hey guys,

I'm not a newbie anymore! I have 3 investment properties and I am looking to expand in small apartment buildings. I have been doing my research I wanted to tap the community about non conventional financing ideas.

I am aware I can refinance the houses and use the money as a down payment on the building. However, what I want to know are there any lenders out there that will take one or more of my houses as collateral (I currently own all 3 properties outright) and give me a full loan to purchase an apartment building? Is that something that is done or am I making this up in my head?

Furthermore, if anyone that can name lenders that do this in MI and/or TX that would be awesome.

Thanks!

Thank you @Jerid Meagan. I will add these to my list. 

@Stephen Jones It is in Michigan

@Evan Polaski Thank you Evan for your input.

Yes, the property is listed and I will take your advice on going through the agent when I get to that point.

You guys were right on with starting with financing. I think I called/emailed about 10 banks today and I have had a hard time getting traction. I have a phone appointment with US Bank on Wednesday and I hope to hear from Texas First Bank and Wells Fargo tomorrow. Hopefully one of these can come through.

When you say local lenders, do you mean smaller banks or something more private? So far I have been reaching out to regional banks like the ones mentioned and some national ones.

@Joshua Ferrari Thank you so much for this. This will be a great start. I will try to keep this thread updated.