Advice Or Ideas For A Contract
I am an REI beginner. I own 6 duplexes and after two years got them going strong and am wanting to expand. The problem lies in existing capital needed to make more deals. I have great credit scores but a high DTI due to the fact that they will not count my rental income. I have a low interest card with a line at $40000. I have recently put 4 properties under contract as a package deal. The +CF is great on these. The seller has agreed to carry 10% as a walkaway second and 5% more towards closing. We have raised the original purchase price by 15% to cover this carry in which will come back to me after closing.
The plan is to take a cash advance on the card to cover down pyment and any other up front expenses. I have also considered putting my duplexes under a commercial loan and pulling out an equity line on them. I have 25-30% equity with a total around 130000. Then I could use that for any expenses. I would really like to get this deal done, if anyone has some ideas or thought on what I could do please let me know. Thank you.
Recommend talking to Phil Herrejon. You can find him under forum moderator, as Pherrejon.
There are probably others on this site, that can help, too.
You may want to post this in commercial forum.
Good Luck!