I am a South Florida owner of 4 duplexes. My S (not LLC) reaches its 2 year anniversary in March. I must do stated income financing of any deals but have mid 700’s credit.
My plan A has been to sell these duplexes and move up to one building for greater leverage. The properties have been on the market for several months now but things have noticeably cooled down here - at least temporarily. In persusing these and other boards, I came across the wisdom of “never selling”, which seems a bit simplistic but telling. I know about 1031’s but they appear to complicate the matter in terms of timing all the sales to get the pool of funds to buy a building. Not to mention the price concessions I would need to make.
Now I am researching refinancing 2 properties separately but I am looking at only 80% LTV, which doesn’t give me much in the way of funds to buy additional duplexes. Waiting on an answer to lay a 10% HELOC on top. Rates are starting to get prohibitive.
This is a long way to get to my point, but, what would you do?
Is there such a thing as a blanket loan on four multi families for an S?
These properties are largely on auto pilot now (rented and rehabbed) and I am going bonkers sitting here looking for the next challenge. Those no money down deals are fairy tales in South Florida and I do not feel motivated to go chase transactions for wholesalers. I honestly think the demographics in Broward County (limited land, thousands new employees with slots at local tracks) favor sticking in the market vs. cashing out now.