I'm surprised to see no one suggest L/O's, owner carrybacks, sandwich L/O's or land contract's.
Regards,
Richard
Richard
----- Original Message ----
From: randy stone <equitybuilding@yahoo.com>
To: CREI-Alliance@yahoogroups.com
Sent: Sunday, January 6, 2008 5:33:28 PM
Subject: Re: [CREI-Alliance] Fannie Mae Limits
From: randy stone <equitybuilding@
To: CREI-Alliance@
Sent: Sunday, January 6, 2008 5:33:28 PM
Subject: Re: [CREI-Alliance] Fannie Mae Limits
Justin,
My advice is to establish a relationship with a smaller community bank that approves and holds most of their own loans. Their guidelines are usually much easier to meet. It should be viable option for you since you have more than a 2 year track record of real estate investing showing a profit. Once you have this established they should be happy to write all of your loans.
Randy
----- Original Message ----
From: kimberly bartha <seedmoon777@ yahoo.com>
To: CREI-Alliance@ yahoogroups. com
Sent: Sunday, January 6, 2008 10:00:04 AM
Subject: Re: [CREI-Alliance] Fannie Mae Limits
From: kimberly bartha <seedmoon777@ yahoo.com>
To: CREI-Alliance@ yahoogroups. com
Sent: Sunday, January 6, 2008 10:00:04 AM
Subject: Re: [CREI-Alliance] Fannie Mae Limits
Hi Justin,
Just curious...Why can't you sell the houses? And where are you or the houses located? Is refinancing on the homes not an option for you? There must be equity in the properties?? ? Why not a loan which is NOT Fannie/Freddie? Thanks.
Kim
Justin <jnc456@yahoo. com> wrote:
Justin <jnc456@yahoo. com> wrote:
I entered RE investing 2.5 years ago. Since then, I've purchased a
quad, a duplex and 7 houses. I have them profitably rented out. All
of my mortgages are 30 year fixed conforming. My bankers have
informed me that there is a 10 property limit for Fannie/Freddie
loans. My alternatives appear to be -
Portfolio loans which seem to have 5 year balloons
Pay cash for new properties which stops my growth
Pay off what I have which stops my growth
Commercial loan
Currently, wrapping up 8 (including the 8th house that I will purchase
shortly) (all but the duplex/quad which are very low i-rates)
properties into a commercial loan seems the most viable option. My
concerns include but are not limited to - I cannot sell the houses and
easily get access to cash, prepayment penalties, the terms of the
commercial loan and the fees involved.
Can anyone shed any light on what they have done in my situation? My
medium term goal is to have about 25-30 properties. I'm able to
purchase roughly 4 properties a year with 10% down. My FICO is 700+
so obtaining loans has not been difficult.
Justin
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