Posted by Ed Garcia on January 23, 2001 at 18:25:44:
Anna,
I’m sorry to say that this is an on going problem in the industry. That one of the reason I like the Working Credit Line, is because you can get around this problem for properties that are either immediate flips or re-sale down the road. You can all solve the seasoning issue.
Anna, there will always be a lender out there for you, it’s just that it won’t be a Fannie/Mae type of product. You’ll have to use small local banks, lenders in the secondary market, and sub-prime after so many loans.
Ed,
First off let me say that as soon as i can, i will attend your next workshop. But in the meantime here is my situation. I have 7 mortgages, 6sfh’s and a fourplex. I have the opportunity to purchase an additional property which is a fourplex and home on the same lot. I have great credit and ratios so up to now getting financing has been easy. But lenders are beginning to grumble about the amount of mortgages I have. Do you have suggestions about how to handle this. I know owner contracts are the obvious solution, but difficult to convince them to carry the whole paper. Any suggestions are greatly appreciated.
Anna