As the thread line says…
i am looking for some Cash-out Refi, SIVA, non seasoned options…small amounts $20K-$55K. thes amounts equal between 25-75% LTV.
the properties are rentals and have renters inplace.
I have up to 40 properties to refi…
I am looking to pick up more and want to turn equity $$ from an owned one to a new one…
any ideas?/help?
like i said, Stated Doc, 680 mid score (cant seem to move that score after 20 years)
You’ve got all kinds of challenges ahead of you.
#1. For conventional financing which offers low 30yr rates you can only have 10 financed properties under your personal name. Yes, there are some that can do cash out no seasoning
#2. Those same lenders and brokers who originate these loans usually have a minumum loan amount of $50,000. (no you cant blanet with them)
#3. Most those lenders also dropped their state programs unless you have a 720 score. If stated then you can only have 5 financed properties. (not 10 as mentioned above for full doc)
#4. You’ll probably need to use a commercial lender. Have you spoken to local banks where the properties are located? Are they all in the same area? Are you in the area where the properties are?
#5. Commercial lenders/banks may be able to blanket the whole package of them.
:biggrin i knew YOU would respond, which is funny as i was going to call you anyway…
i really am thinking about trying to find a private investor, or a group of them to do this…
I would like to do each one seperate…I realize that this will cost alittle more, but it keeps other options open. Hence the blanket thing is a last resort, if at all.
Any Ideas who/where to find a private investor, looking for a nice return…
Hi
So are you saying that you are willing to pay private/hard money fees and rates?
Do you not plan to hold these; just getting cash out for a limited time?
Or are you looking for a long term private investor who wants to be owner of these along with you?
well both, if a long term investor popped up, I would rather pay them then a bank i guess…
I am not planning on this happening, all though it would be prefered.
as far as the short term side of private, My biggest issue is income verification and seasoning…Short term would fix the seasoning issue as i have found some leanders that will use as little as a 90 day seasoning…so i would be good there. Its just the income issue that is my current hold up. And the issue of the number of properties too…like you said it seems like the limit is 10, but i have been finding it as low as 4…
any ideas?
I guess what I’m asking is if a hard/private money loan that is short term (6 -12 months) works for you. What would your exit strategy to get out of the loan be?
SoCo, I would think there are some gray haired guys out there with a lot of money in the stock market that are getting a little jumpy and they are looking to diversify their self-directed IRA. Put an ad on Graigs List stating your terms and see what kind of response you get.
BK
My gut feeling is that you meant “Craigslist”…
My gut feeling is that you meant “Craigslist”…
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wow Keith, you must want that 5000th post real bad.
Nope…but no sense sending noobies out on a ‘snipe hunt’…
Why? Are you jealous? LOL
Yes I am !! I Hope to be able to help as many people as you have. :beer
BK