All Forum Posts by: Kyle Soderman

Also, I do have another property in St. Cloud, Minnesota that I could potentially pull some equity out of. What's the highest LTV you have seen with something like a piggyback or HELOC?

Thanks!

As far as I have found with my research, there are not any lenders who are doing low down payment options for non-owner occupied 2-4 unit properties. If you have found financing like this, please let me know!

I do not want to go hard money as the properties I am looking at do not need a ton of work so there is not much equity to be built in for refinancing. The other option I have found would be owner financing. The problem I find with that is owners typically want large down payments as well.

Anyone with any other ideas?!

@Jody Schnurrenberger considering I am not a time traveler (yet)... that must be a typo... thank you!

Thank you all!

@Lee Fahy that was quite the adventure I went on through the life of the Investa-Brothel...

Hey everyone!

After buying my 1st property in St. Cloud, MN I became quite busy with work and being a ninja (check out my profile to learn more about that...). I am getting back to BiggerPockets being one of my daily/weekly routines. 

I am in the Minneapolis, Minnesota area and looking to ramp up my investing business!

What @Jack Bobeck said. Check out what similar properties are worth. Be sure to do all your due diligence on the house to be sure you're not going to be buying a money pit.

Just because you have bad credit doesn't mean you wont be able to get a loan. Go to many different banks and talk to the loan officers about what they can do for you. (do not fill out an application at every one) They wont be able to tell you the exact terms but can give you an idea of what you can get.

I was able to get a loan working part-time ($1200/month income) in college for a $100,000 home. But only after talking to 5 different lenders. The first 2 lenders told me they couldn't do anything for me unless I filled out a credit application. The last of the five went through everything with me and by the time I filled out the application they and myself were confident that I would be approved.

Good luck!

Welcome!

@Keith Fjelsted Thanks for reaching out! I called and left you a message earlier today.

Perfect, Thanks for the help @John Woodrich

The property is in Mounds View. Near 35w and HW-10. @John Woodrich