Diane Hankle is a single mother from the south side of Chicago who wanted to get into real estate with her son who is a real estate broker. They wanted to start flipping and renting properties in the northwest suburbs of Indiana.
The issue is how do you find the capital to start this? She called Ivanhoe Capital and we were able to approve her for an exposure limit of $500,000 so she could buy her first rental property which she closed in March of last year. Her plan is to put about $5,000 of work into the property and rent it for a profit of at least $300 per month.
Since then, she has purchased another property and we have also orchestrated a rehab loan for that one as well. She is going to renovate the property and then try to flip it for a profit of around $30K.
Diane is a testament to the fact that if you work hard and you have a solid plan good things will happen. But you have to start. No Excuses! As a single mother she plows through life with a vengeance. Diane is not one of those people that makes excuses. Be Like Diane!
Here is a little about our 30-Year Stated Income Rental Property Loans:
- Fund up to 80% LTV on purchases
- Fund up to 75% LTV on Refinances & Cash-outs
- Loans from $75K – $2M
- Non-Owner Occupied Single-Family Homes, Condos, Townhomes, 2-4 Unit properties
- Minimum 640 FICO
- Terms are 30-Year Fixed starting at 3.5%
- Foreign Nationals allowed (up to 70% LTV, eligible countries only)
- No Tax Returns, W2s, 1099s, Paystubs- no personal income verification!
- Programs for 5+ units similar to this one