All Forum Posts by: Jon Brown

@Chris Mason I get what your saying and I am not confused or lying. The gentleman I know there who is now a friend of mine has been buying and selling properties there for 7 years now like this. He picks them up for $1000-$3000 he might put $5000-$8000 at most into these properties to get them up to date and ready to rent. He will turn around and sell them generally under the appraised value to move them fast, not tax assed, which is usually $30k-$40K. He is selling them to me at an even more discounted rate since I am willing to buy in volume and am a friend of his.

@Arpan Patel Thanks for the advice. I am calling around to just about any bank and lender I can find. What you describe is the exact problem I have been running into. I don't have the 50 properties all at once so that puts me behind some of the blanket loan requirements. I can get them in the neighbourhood of 5-10 at a time though about every 1 to 3 months.  Most lenders want properties that are $100k+ each so I am definitely under that threshold as well. Id like to get these small packages pay my 20% down and add the new properties in. That is why a blanket loan of sometime would be best and easiest. I could do individual loans for each property but I am trying to simplify this process if I can and I would quickly run into the 10 loan limit too. I could go private money as well but haven't found anyone that does anything 10+years on that end yet. 

Thanks for the feedback guys not giving up on this till I get it figured out or have to do it a harder way. 

Blanket is the way to go. It will allow you to sell/add properties to/from the loan.

Here is the situation that I am running up against. I have found a market where I can pick up single family rental properties that have been rehabbed or updated for 15k-20k a piece. The properties will appraise for between 30k-40k each. Basically looking at 50% equity right off the bat. They come with tenants and property management in place. The rents are 500-800 a month. I can pick these up 5 to 15 properties at a time every couple months. I have 20% down for any property I buy. I will be holding these properties for long term rentals. The equity is there, the cashflow is there, and I have skin in the game.

What I need is a lender that can do a blanket loan for these properties so I can add to it easily. I'm looking to add 50+ of these properties to my portfolio in the next year. I also have another gentleman I have run into that is doing almost the same exact thing in his market. He is probably looking at 70+ properties in the next year. 

Terms I'd like to see 15+ year loans. Looking for 5 to 10% interest. All conventional type loans. No interest only. 

Between myself and the other gentleman we have the opportunity to add a lot of value to someone who can do or create lending for these types of properties. 

If you can help, know someone who can, or point me in the right direction I would greatly appreciate it. 

Hi,

I am looking for some recommendations for a lender on a 29 unit apartment building in Spokane WA. Asking price is $715,000 and I can do 20% down. Has anyone found a lender that can do lower down payment with owner occupied for an apartment building something similar to fha? 

Thanks in advance,

Jon

@Jonathan McKay  I would definitely be intereted in talking to you about multifamily in the area.

Hi,

I am looking for a bank or credit union that can do a HELOC on my first investment property in Kalispell MT. I am looking for a HELOC that can be done based on the tax assessed value and has the highest LTV i can find. The property I am purchasing is from an auction and I am going to use the HELOC to do the remodel on it. If you have options either local to Montana area or Nationwide please let me know. If you have any better options besides a HELOC also let me know.

Thanks,

Jon