Financing More Property
I own 2 investment homes, a triple and single family. No mortgage, own the deed. The home we live in has a mortgage. We own our own construction company. Trying to increase our net worth and income, banks wont lend me any money because non-owner occupied, credit score average, and debt/income ratio. I just do not know where to find someone to give us a deal. Any ideas?
I would go to TCI's lender area at http://www.thecreativeinvestor.com/LenderFinder-index.html
You can also find private lenders by going to foreclosure sales. Keep in mind that Doctors also make good private lenders.
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In my opinion, you need to work this from your construction angle. You have a big advantage, especially in rehabs. I'd try to team up with investors and split the deal. You do the fixin' at cost and make some money on the sale. This also keeps your employee's busy too. Once you've done a couple of deals you'll have the money to do your own deals.
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Interesting ideas, that's how we purchased our first two 10 years ago. I'm wife of Henry7258 so I'm doing all this leg work and financing. Every time someone goes into our credit it then lowers our credit score. We just want to start somewhere, maybe mortgage one of the ones we own, to buy another. I am going to actively look for someone to lend to us. Good advice.
Locate an excellent broker, one thing I have learned is that banks are willing to give you money you just have to find the one that suits your needs best. Remember they all don't have the same lending criteria.
I won't give up! I have spoken to so many people, hearing so many scenario's, then they see the darn credit (which is really not that bad!) I would take a higher interest rate! They are wearing me down....
Another thing, don't let each lender pull your credit because your score will drop. Know your credit and debt-to-income offhand that way you can give them the scenario, if they are good they can give you a yay or nay before they pull.