LONG TERM FINANCING FOR GOOD CREDIT GOOD NET WORTH JUST TO MANY LOANS

Yep. Ratios are too high and despite 0% vacancy rates only 75%of my rents count as income. (WHICH KILLS ME!). Also, banks don't allow more than 5 loans right now. That's when I said I don't believe I have to stagnate my business and refused to beleive it was over.

The recommendation is to work with your local banks, preferably those that hold the loans "in house" (i.e. don't sell the loans on the secondary markets). The rules can be much more flexible regarding the numbers of rental properties and mortgages, and reserves for each property. Generally they set their own standards, where the loan is presented to a loan committee and they make the decision. That's where it helps to build a long term relationship with the loan officer at a local bank.

Hope that helps -

Tom

But, it doesn't matter, even my main loan guy can't help me. I'm getting into private lending.

HI

THANKS FOR YOUR RESPONSE. I ONLY BUY HERE IN MY LOCAL AREA. I KNOW THE MARKET HERE BETTER THEN ANY REAL ESTATE AGENT OR APPRAISER. I WATCH EVERY HOUSE THAT IS BOUGHT AND SOLD AND HAVE BEEN DOING SO FOR TEN YEARS. IF A HOUSE GOES TO FORECLOSURE AND I DONT BUY IT I WATCH WHAT IS PAID FOR IT WHAT THE PERSON DOES TO FIX IT UP AND HAVE BEEN LEARNING WHAT REMODELS AND REPAIRS NET THE BIGGEST RETURN. MY BIGGEST MISTAKE OVER THE LAST TEN YEARS IS I JUST BOUGHT WHAT I COULD BUY BY MYSLEF I HAD A LINE OF CREDIT AND WOULD PAY CASH FOR THEM AND ONCE I NEEDED MORE MONEY I WOULD JUST REFINACNCE A HOUSE AT 80% LOAN TO VALUE AND REFILL MY WAR CHEST. THIS WORKED NICELY FOR MANY YEARS I AM A W2 EMPLOYEE WITH GREAT INCOME AND GREAT CREDIT OVER THE YEARS AS I AQUIRED MORE AND MORE HOUSES IT HAS BECOME DIFICULT TO REFINANCE. FINALLY I HIT THAT MAGIC NUMBER AFTER THE HOUSING CRASHED AND BANKS TIGHTEND UP AND I HAVE NOT BEEN ABLE TO GET CONVENTIAL FINANCING FOR THE LAST TWO YEARS. I SHOULD HAVE BEEN BUYING ALL THE DEALS I FOUND AND SELLING THE EXTRA ONES INSTEAD OF JUST DOING THE ONES MY CASH FLOW COULD HANDLE. WITH THE DEALS BEING SO GOOD I HAVE FORMED SEVERAL PARTNERSHIPS WHERE THE PARTNERS BRING THE MONEY AND I BRING THE EXPERIENCE AND THE HEADACHES FROM RENTING PROPERTIES AND WE SPLIT EVERYTHING 50/50. ONE OF MY PARTNERS DID 5 THIS WAY AND WE MADE SOME GREAT BUYS BUT HE THINKS HE IS NOT GETTING ENUFF SO IS GOING TO CONTIUE ON NEW VENTURES BY HIMSELF. MY OTHER PATNER AND I HAVE BOUGHT 5 WITH ONE MORE UNDER CONTRACT CLOSING THE END OF AUG. BUT HE PROMISED HIS WIFE HE WONT DO ANY MORE UNTIL THEY HAVE LITTLE MORE HISTORY AND COMFORT WITH WHAT WE HAVE DONE. I ALSO PARTNERED WITH MY REAL ESTATE AGENT AND WE BOUGHT A HOUSE THAT I REMODELED AND WE SOLD. HE IS REFINANCING IT AS WE SPEAD AND WE BOTH NETTED 18K EACH. I WONT DO IT AGAIN UNLESS HE PAYS ME MORE THEN HALF OR HELPS WITH THE WORK MORE. WE WERE SUPPOSED TO BOTH WORK EQUALLY BUT I ENDED UP DOING ALL THE WORK. I THINK WE ARE GOING TO PARNTER UP ON 5 HOUSES TOGETHER AND TURN THEM INTO RENTALS BUT WE HAVENT DONE THIS YET. I HAVE 2 OR 3 MORE POSIBLE PARNTERS BUT THEY HAVE NOT AGREED TO JUMP YET. AS I BUILD MORE AND MORE HISTORY IT HAS BECOME EASIER TO GET PARNTERS BUT I AM GIVING UP ALOT 50% WITH PARNTERS AND WOULD PREFER TO JUST GET SOME FINANCING ON MY OWN. ALSO DURING THE TIME WITH THE PARTNERS I WAS ABLE TO GET SIX PROPERTIES BOUGHT ON OWNER FINANCING DEALS OR DEALS WHERE I JUST TAKE OVER THE PAYMENTS. I HAVE BEEN PAYING TO MUCH FOR THESE HOUSES OR RETAIL FOR THEM BUT AT RETAIL IT PENCILS OUT BETTER THEN GIVING UP HALF TO A PARTNERSHIP. I CLOSED A OWNER CARRY YEST AND ADDED IT UP I HAVE 34 HOUSES INCLUDING MY PERSONAL HOUSE AND MY VACATION HOME ELEVEN WITH PARTNERS AND 21 BYE MYSELF. AND ONE HOUSE THAT I AM CARRYING THE CONTRACT ON I WOULD BE INTERSTED IN SELLING YOU THAT CONTRACT IF THE PRICE WAS RIGHT. THE HOUSE WAS SOLD FOR 80K ALLMOST TWO YEARS AGO THE NOTE IS 12% INT WITH 5K DOWN. THE PAYMENTS WERE SET UP ON A SLIDING SCALE FOR THE FIRST FOUR YEARS TO MAKE IT MORE AFFORDABLE FOR THE BUYER AND GOES UP 100 PER MONTH AND ON THE FOURTH YEAR IT RESETS TO NORMAL AMORTIZATION. IT ALSO HAS A CALLABLE FEATURE AFTER SIX YEARS I THINK.... THIS IS ONLY DONE ON DEED FOR CONTRACT I WAS SUPPOSED TO TRANSFER TITLE TO THE HOUSE BUT HAVE NOT DONE SO YET, THEY HAVENT ASKED AND I HAVENT VOL. THE BALANCE IS AROUND 77500 AND THEY HAVE PAID LIKE CLOCKWORK A COUPLE MONTHS AHEAD ON PAYMENTS. WELL THATS MY STORY WOULD BE INTERSTED IN ANY IDEAS OR POINTERS. I DONT REALLY WANT TO BUY PROPERTY OUTSIDE OF MY LOCAL AREA MY GAME IS BUY AND RENT AND WHEN MARKET TURNS IN FEW YEARS I WILL SALE A FEW PROPERTIES AND PAY DOWN DEBT AND HOPEFULLY RETIRE FROM MY FULL TIME JOB IN NEXT 5-10 YRS BUT I WILL FOR SURE WITHIN 14YRS.

THANKS FOR IMFO AND LET ME KNOW ANY SUGGESTIONS.

THANKS AGAIN BRYAN

Private money loans are your answer. (Private money lenders) PML are ordinary people who would invest in CDs, stocks, bonds and are looking for good return on their money. INstead of investing in those things, they invest in companies and real estate investors endeavors to get their return on money. PML do short term and long term loans. They act like a bank; and they base their decision to invest based on your company and the deal they will be funding. You can check out my site to learn a little bit more about how it works. www.investmentsbackedbyrealestate.com

Wish you all the best! Sounds like you are very successful at this already! I've had to add private lending to my arsenol in order to continue to add properties to my business as well. Best to you!

This is a good source of money as well. This is generally for use on large projects but worth looking into.

VERY NICE WEB SITE I AM IMPRESSED
WHAT HAS YOUR SUCCESS RATE BEEN ON SECURING PRIVATE MONEY THORUGH YOUR WEB SITE.
THANKS BRYAN

Bryan. I also need to add tags to my website to get it on the search sites. But, I have my first private lender interested. I wanted to make sure my presentation is all ready to go before I go completely public. I'm a bit nervous, I need to present my company and my deal(s) to her and being my first one its a bit intimidating! But, I know private money will work because it works for so many other investors out there!

I HAVE SEVERAL PRIVATE MONEY INVESTORS BUT MOST OF THEM I HAVE MET IN PERSON THROUGH BEING A FINANCE MANGER AT MY LOCAL CAR DEALERSHIP YOU WEB SITE LOOKED VERY PROFESIONAL MY ONLY SUGGESTION WOULD BE TO MAKE IT SHOW MORE UP FRONT WHAT KIND OF RATES YOU ARE WILLING TO PAY AND I WOULD WORRY LESS ABOUT TELLING A PERSON ABOUT THERE OPTIONS IN CASE OF DEFAULT MOST PRIVATE MONEY INVESTORS ALLREADY UNDERSTAND FORECLOUSURE AND OPTIONS AND THOSE THAT DONT I AM SURE WILL ASK.

I HAVE BEEN GOING THROUGH YOUR WEB SITE I HAVE BEEN A PRIVATE MONEY INVESTOR AS WELL WHEN MY CASH FLOW WAS HIGHER I WOULDNT ASK SO MUCH ABOUT WHAT TYPE OF INTITY THE MONEY IS COMING FROM YOU ASK BUSINESS PERSONAL SO ON SO ON I THINK IT MAKES IT LOOK LIKE YOU ARE TRYING TO GET TO MUCH IMFO MIGHT BE A SCAM I WOULD KEEP IT SIMPLE AND IMFORMITIVE TELL AS MUCH ABOUT YOU YOUR BUSINESS AND YOUR OPP AS WELL AS CREDIT AND HISTORY AND ASK AS LITTLE AS POSSIBLE UNTIL THEY ARE MORE READY JUST MY OPION AND ADVICE ONCE AGAIN GREAT JOB