Ok here is my dilemma. I am a rehabber by trade, but am moving into the buy and hold/rental arena. I have one rental under my fiancee’s name, she bought FHA and we are now leasing the house as she lives with me. I have about 30k cash in the bank, I have a property I tried to fix and flip and got stuck with. I paid off my hard money loan, and just recently put the house on the market as a rental. I am looking to Refinance this property and take some of the cash out. What can I realistically expect for an investment loan? 70% cash out 30 yrs at 7%? Or is that to optimistic?
I would then like to add this cash to my existing supply and purchase cheap condos for around the 12k. I would like to get loans for the condos but have been finding difficulties on #1 the small amount and #2 the fact that they are condos. Can anyone point me in the right direction? I currently bank at BofA and have heard they have a 4 property limit, would I need to switch banks to cultivate a new relationship before I asked for a Portfolio lending scenario??? I need help from someone experienced. Oh by the way I would like to buy these in my LLC name, personal guarantee no problem.