Posted by James Harris on January 12, 2011 at 03:53:26:
Have you’ve considered obtaining a blanket loan? That will drop your loans down to one. Also, you did not indicate whether or not any of your othe rproperties are singles or multis. If singles, I would suggest that you consider offering to your tenants the chance to purchase.
Sell@breakeven & buy better cashflow - Posted by BOBC(MD)
Posted by BOBC(MD) on January 10, 2011 at 23:16:15:
I have been contemplating selling 5 of my houses I bought and renovated about 4 yrs ago. I can sell all and break even or even make a little profit. They are all currently cashflowing about $250-$350 a month off an average $1300 mo rent.
Lately there have been other properties in my same farm area I can buy and haved nicely renovated for a total investment of $65-$75,000 that will cashflow $600-700 mo when rented.
I am not able to buy anymore due to having all my cash tied up in properties. My sole lender will only allow 5 loans to me in such a small area so i must sell to get new loans.
I have been at it about 10 years now and can see that buying some of these low priced houses for the cashflow would be a real help in the long run.
Anybody else making the decision to clean house and get some of the historically low priced inventory?
Line of Credit - Posted by arlan
Posted by arlan on January 13, 2011 at 08:36:09:
James said it. I had 6 individual HE loans in 2003 on 9 owned rental houses. I took the portfolio to a local bank and got a Line of Credit, then another, then termed out one of the lines. 7 years later, 34 rentals, 3 comercial properties, 1 vacation home/rental. A couple of flip-houses for sale right now. The banks have gotten very stingy in the last couple of years, but if you are making money, money is available.