Posted by Brian (UT) on October 15, 2005 at 12:53:48:
Trena
I assume your a mortgage broker which is nice but are we going to have to see your solicitations for business every 5 minutes.
How about contributing some knowledge instead, if you have any that is.
Brian-
plan for using equity - Posted by Josh
Posted by Josh on October 13, 2005 at 20:09:08:
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
Re: plan for using equity - Posted by Trena
Posted by Trena on October 15, 2005 at 08:34:15:
They are right be careful. We might be able to help you acquire these properties without having to touch the equity in your home. Email me at flyingacer2003@yahoo.com
Re: plan for using equity - Posted by wolmic
Posted by wolmic on October 14, 2005 at 13:30:56:
Josh,
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.
Re: plan for using equity - Posted by Natalie-VA
Posted by Natalie-VA on October 14, 2005 at 09:59:06:
Josh,
I recommend going to your small local banks and dealing with someone in the commercial department. You may have to try and few, because they all having different lending philosophies.
I hope you are planning on doing this full-time, because 5 houses at once is a lot to manage.
–Natalie