Posted by Mike on April 12, 2008 at 04:58:49:
email me for lender that I use, they do this.
10 Mortgage limit? - Posted by lou
Posted by lou on March 30, 2008 at 19:55:54:
I need advice on how to obtain additional mortgages to purchase more properties.
I am being told from many mortgage brokers and mortgage companies that they cannot write a mortgage to someone that has more than 10 mortgages open. Would getting a blanket mortgage to reduce the number of mortgages be the best option? How do most people get around this to continue investing in rentals?
10 Mortgage limit? never! - Posted by Judah hardmoney Hoover
Posted by Judah hardmoney Hoover on March 31, 2008 at 16:54:06:
The first thing you need to do I find a good mortgage broker. A good mortgage broker will be
- some one that is an investor themselves
- able to do subprime and prime (Freddie’s and Fannie’s loans are called prime)
- have access to hardmoney
- have relationships with small and med sized local banks in your area
depending on your liquidity you should start looking for a working line of credit to start purchasing your properties with, then refiing them off your line and holding them in some entity name, that way they are not on your personal credit report. Ed is a great teacher of how to do this and he teaches a class on it.
Commercial financing is the answer to your 10 limit problem, if a mortgage broker tells you â??you cant finance more then 10 rental propertiesâ?? hang up and never call them again, the good news is amateurs like this will be out of the lending industry soon. Remember rule #1 when working with any advisor.
Credit score and liquid assets are becoming very important to local banks. Always be improving your credit and showing more liquid assets.
Your last option is to start raising private funds, buy some courses on how to do that, if you have 10 rentals already you should be able to afford it.
Oh yeah, donâ??t use a blanket if you donâ??t have to. Sometimes you have trouble with releases and recasting of payments.
Judah Hoover
JudahH@sfcloan.com
717-652-3900
Re: 10 Mortgage limit? - Posted by James Harris
Posted by James Harris on March 31, 2008 at 05:27:40:
Actually, that would be the smart thing to do, I think. I assume that when you obtain any properties after 10, then they could be added to the blanket loan or start with a new st of te then get another blanket loan.