All Forum Posts by: Robert N.

I also am thinking Section 8. 

I would definitely reach out to other investors in the area. You can find them on them on the gov't website using the property search feature. Look for owners who don't live at the addresses in that neighborhood (these are the landlords). Offer them owner financing - sometimes you can even have them assume the mortgage (without triggering the due on sales clause) if it is serviced by a third party. Some of these investors in the neighbor also might be able simply to pay cash. 

Good luck!

My wife and I were just there (Mansfield, MO) in July and rented an Airbnb (a different one) to see Laura Ingalls house. :)  I actually did some looking (fantasying) about doing what you just mentioned. Long shot...but I am looking at your place on realtor.com now. :-) 

Glad to know there is another company doing PM there...

Welcome to BP Dalton...once you start looking into real estate, there are lots of options. Pick one that interests you and start there. Reach out to BP with questions and other local investors. I love my real estate journey...good times!

I'm here in Lexington...I would enjoy meeting other investors.

Thanks...Thursdays work for me. 

Would love to attend...I just can't do Tuesday nights...

@Stephanie P. and @Nate Bell Thank you both so much for the advice and knowledge. I'm not one to give up and will keep at cracking the lending code to get an approval. It seems like banks aren't a good idea for real estate investing purposes for me - at least on this deal. Thanks again!

@Michael S. That helps a lot...my properties are bought in an LLC I started last year to hold the real estate investments. I will now go to the bank I do my s-corp banking at and ask them about private banking...never heard about that term. Didn't think to ask b/c I kept looking for "portfolio lenders" local to me and my, "day job" bank wasn't listed...thanks for the education!

@Kenneth Garrett Yes, I am trying two local banks in town...I am trying to avoid the one I used before which promised me 80% and then switched it to 25% at the time of signing...

The other local bank said they may do a loan which would give me the refi and the new loan in an all in one deal...my DSCR she said was 2.4. BUT, she is waiting for the underwriting still just in case that first floor business NEEDS to have been in business for 5 or more years...I like the, "One loan to rule them all" idea...IF it goes through. However, I am looking for backups so I can rest easy at night. Thank you for letting me know about your 70% cash out at 4.75% (20 year). That helps me know what the general ballpark should be.