I have an 810 credit score and 200k in equity in my house also some money saved up (25k). I want to leverage my money so that I can buy more than one house at a time. I want to do rehabs and have experience doing this but have never used my own money. The more houses I can have going at once the better. If I just use my equity and cash that’ll only give me 2 at a time (100k each). I am hoping to leverage so that I can have 5 going at once. Is it possible that my bank would allow me to have 5 loans out if I put 20% down on each? Just wanting some feedback from people who have started with similar situation. thanks
Start slow…buy one at a time. See if you like it. Everyone likes the idea of having lots of houses. It is another thing to implement it into your life.
If the first one works, buy another. You need to gain your hard knocks experiance before jumping into the deep end otherwise you might lose more than your 200k in equity on your home and your 25k in savings.
You are in a good position to start. I personally dont like to use equity in my own home to invest. That way I still have a home left if all else goes south.
To answer your question, yes, a broker or mortgage lender will loan money on 5 loans at once but be careful.