All Forum Posts by: Roger West
Roger West has started 5 posts and replied 14 times.
Post: Own 4 properties. Looking for financing to buy more.
- Contractor
- New Jersey
- Posts 15
- Votes 5
Quote from @Bill B.:
Why aren’t you just getting 10 straight mortgages through banks/mortgage companies? I borrowed almost $2million while “unemployed” using only rental income. Either your talking to incompetent lenders or given got a problem you haven’t disclosed. Buy the $600k property in cash, go to the bank and say it’s going to be a rental and they’ll give you $450k back if you paid retail and did nothing to it. We all assume you would never pay cash for a property unless you’re getting at least 20% off so the hope is the bank gives you $550-$600k back.
Thanks. No hidden problems. As clean as a whistle here. Just decided to post here to have some ammo b4 I start calling brokers/bankers.
Post: Own 4 properties. Looking for financing to buy more.
- Contractor
- New Jersey
- Posts 15
- Votes 5
Hello,
I am looking to buy single family homes to rent out in NJ. Also looking to buy flips, either using cash at auction, or through agents/banks using financing. If I keep the flip and rent out instead, will need long term financing on those since I will be keeping them as rentals.
About me. 1m in cash. 800 scores, no debt, 2m in equity on 4 homes I currently have owned for 10+ years. 10+ years Landlord experience. Self-employed. Can show bank statements, tax returns ect.
I am thinking there must be better programs out there for a person in my situation, that’s better than hard money.
Thanks.
Post: I have 1m dollars and a brand new home builders license
- Contractor
- New Jersey
- Posts 15
- Votes 5
Thanks a lot Patricia. Great tips and makes sense. With you 100%
Appreciate it.
Post: I have 1m dollars and a brand new home builders license
- Contractor
- New Jersey
- Posts 15
- Votes 5
Hello,
I have a little over 1m liquid, fantastic credit and no debt. And, I just got my builders license a few months ago. Also got my workers comp and home warranty approval as required by NJ.
I have a architect, small crew and tons of subs available when needed.
Looking for advice on how to start? Should I do a few rehabs first, do a spec or two or go right into a small 10 home subdivision?
Any advice for a newbie is greatly appreciated. Thanks!