I am interested in buying some rentals but i am sure that mortgage companies will get leery about lending once i have a couple in my name. How do people go about owning 20-30 or more properties.
2007-03-26 06:41:16 · 9 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
There isn't a limit, I own 20 rentals and 3 personal properties.
I did run into a bank that limits how many mortgages I can have with them, it is 10, but they don't care if I have others with other banks. I don't like to use too many, makes it harder to keep straight.
Just remember to pay all of your morgages on time and the banks will love you.
2007-03-26 07:49:09 · answer #1 · answered by Anonymous · 0⤊ 0⤋
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2016-07-19 13:45:57 · answer #2 · answered by ? 3 · 0⤊ 0⤋
The first part of the question has been answered already. But to keep it simple, a lending institution will loan you money based on some calculations that they run. If you are showing income that is paying for them, it makes it easy. My advice is that you bank a one place, so there is a record of monthly rent/expenses coming in and out, and use them for the lending too. This will make it alot easier.
But, I do agree that you should keep rentals out of your personal name. Like others said, look into LLC's as protection for yourself. You will pay more for financing, but thats the cost of doing business.
2007-03-26 07:51:40 · answer #3 · answered by bpl 5 · 0⤊ 0⤋
Most programs allow up to 4 financed properties. Others will go up to 9 financed properties...and other programs do not care as long as they don't hold the mortgage on more than 2 of them themselves. So, it's important to work with a broker who understands investment properties. Feel free to contact me for more info.
2007-03-27 06:34:29 · answer #4 · answered by Anonymous · 0⤊ 0⤋
It's actually quite the opposite, mortgage companies will see that you know what your doing. The sky is the limit, just keep them repaired, don't just pocket the monies, make repairs as they happen. It helps if you can do the repairs yourself, rather having to hire people to do them for you, it becomes expensive hiring contractors. Your on the right track. Good Luck
2007-03-26 06:53:34 · answer #5 · answered by Cheryl 6 · 0⤊ 0⤋
1. Create LLC's for purpose of buying and holding property...say, one LLC for each 2-3 properties...just remember any entity that you have more than 20% share is calculated as being 100% contingent liability unless you get non-recourse loans.....
2. Are you married? If so, you can use your spouses credit so you don't overly-leverage yours....
2007-03-26 06:59:29 · answer #6 · answered by boston857 5 · 0⤊ 0⤋
There is no limit. If you are turning a profit, then they don't care how many you have. You have to submit P&Ls each time you buy, so it'll show up! Rentals are a wonderful tax write off!
2007-03-26 06:49:52 · answer #7 · answered by Lisa A 4 · 0⤊ 0⤋
By managing well the properties they already own.
2007-03-26 06:44:09 · answer #8 · answered by babypocket2005 4 · 0⤊ 0⤋
Rent-To-Own Home - http://RentToOwnHome.uzaev.com/?zLfS
2016-07-13 01:17:41 · answer #9 · answered by Eddie 3 · 0⤊ 0⤋