I've been a real estate investor and landlord for many years. I own several rentals and have mortgages on four of them. Due to the constipated banking system investors like myself can have just four Fannie Mae or Freddie loans at once. Due to this limit in January alone I have passed on over 100,000 in equity on homes I might have acquired and rented....I am also a REALTOR and can always sell them to another investor or I can use a hard money lender who would gobble up half of my profits....but what I really want is to buy and hold. I know my market and am very selective. I don't try to force a deal by making something happen thats not really there. I always make a profit and even when I flip home I net more than $20,000. Flipping is easy. There are plenty of lenders willing to offer me an 1 year ARM product with 6-8% start rate with caps of 2 and 6 or worse. Whoopee Do. What I really want is to buy and hold....which means I need a fixed rate, 30 year amort, 10 year minimum term. Is there any common sense lenders left out there that would make a loan like this. Purchase price 80-120.
Tags:
investor,
loans,
rental,
homes
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