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    0 Replies Latest reply on Jul 15, 2008 12:24 AM by R.E.Invest

    Want Loans or LOC for purchase/rehab of forclosures.

    R.E.Invest Newbie
      Hello, I am a pilot with several residential rental properties. I have mid 700 scores and numerous rental properties that cash flow well. Lately, I have been able to find several forclosures properties at 50-65% of ARV. I have been able to acquire, renovate and rent the properties quickly. The problem is now that many lenders now limit the number of rental properties you own (the properties are titled and mortgaged in my own name). How can I still continue to acquire additional properties? I have found many lenders that will fund purchase/renovations in loans up to 75-85% of the ARV, but the lenders usually limit their terms to 1 year. I am not buying these properties to sell them, but rather holding them long term because the rental market is so strong (I have been renting places before they are even ready for market). I do not want to continue acquiring these great deals unless I can find a suitable exit strategy for these acquisition/renovation loans (i.e. permanent financing), but it seems most lenders limit themselves to individuals that own less than 20 properties. Any suggestions?