All Forum Posts by: Jonathan Gordon
Jonathan Gordon has started 1 posts and replied 2 times.
Post: Best financing option/strategy with no W2 but plenty of assets.
- Posts 2
- Votes 2
@Kristel Daugherty Thank you, after looking into portfolio loans a little further, I think that is the best option for me right now. I know about a few credit unions in the Kitsap area as well as WaFd bank and plan on calling lenders to try to find something that works for me in the next few weeks. If your lending team can help me as well, Id like to get connected.
I realized after I posted that even if I did a self-funded BRRRR strategy, I would still need a portfolio lender as I do not have w2 income so it seems like that is the route I should go.
~Jonathan
Post: Best financing option/strategy with no W2 but plenty of assets.
- Posts 2
- Votes 2
Hi Biggerpockets,
My family is moving up to Washington State this summer from California after selling out home and one of the things I want to get into is rentals. However, I am in a bit of a unique situation and not sure what the ideal option or strategy is. I have been pseudo-retired for several years after I sold a business and reinvested in stocks, crypto, and multi-family real estate partnerships. I have no W2 but I do have nearly $1m in equities and around 400k cash that I have to invest into either rental properties or purchase another small business.
- My first instinct is to just buy a SFH or duplex in my area (Kitsap County, WA or Tacoma/Olympia) with cash and call it a day but I don't want to limit myself to that.
- I looked into portfolio loans on my equities through Well's Fargo but their rates are poor for accounts under $2mm and I'm not sure if I want to take that risk.
- Another option I've thought of is to BRRRR but use my own money as "hard money". I like this idea the best.
- I've also heard about portfolio loans or other commercial products that I might be able to use. I looked into these products years ago, and got the impression they had high interest rates and were not interested in low loan amounts so I never looked into them further.
If anyone can point me in the right direction to more information on portfolio loans and other commercial loans available, I would appreciate it. And if anyone has any advice on what they think the best strategy is for me in this case, I would appreciate that too. Also, before anyone asks, my purpose for investing in a real estate rental is to be a good steward of my money, maximize the value it brings to society, and challenge myself to grow as a investor by taking on the task of managing a rental.
~Jonathan