I have been spending a lot of time over the last couple of months in the trenches of “show me the money.” Right now, there are no loans for investors with 4 or more houses - period. I did find a bank that is still doing loans for investors with more than 10 homes… but what was the catch? The laundry list of items that you needed in order to qualify left me shriveled up in ball in a dark room sucking my thumb - NAKED! It was funny. I was so excited and told my whole club that I found a bank! Then I had to break the bad news - unless you are God, you will not qualify. Bummer dude!
So here we are. I have to tell you the truth - unless I know that I can sell a home to an end user and they are going to qualify and be able to get a loan - then no go. I have money lined up to buy REO’s. We have the 20-30% down and have the hard money all lined up… but we are still so sketchy to buy these properties! It’s crazy. I think we will feel way more secure if we were using only private money - which is our goal. So this is the plan for us- forget the banks all together. We don’t need no stinking banks. We have moved away from using banks whats-so-ever and focusing on private money completely.
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