Also how many more mortgages can i get doing this? whats the max?
you need to remember that what you can afford, and what you can QAULIFY for are two very different things. When underwriting your loan banks use up to 75% of your gross rent as income against your payment, taxes and insurance.
One option is “stating” your income. If it is stated more than what you make, this is FRAUD.
Yet after all this, many of my clients need and can afford loans they dont qaulify for on paper. So,
There are loans, provided you have excellent credit, that require no verification or stating of your income at all. And there is no limit to the amount of mortgages you could obtain using this type of loan if you could handle the payments
Of course you can get another loan. In fact it will benefit you that a currently owned property has positive cashflow.
Essentially, an investment piece of property will finance itself. Meaning, if the projected rents will cover all expenses related to owning the rental property (loan, insurance, taxes) the chances of a successful purchase is high and you won’t have to come up with any out-of-pocket money. Moreso if what you plan on buying is already a rental property and has at least two years worth of rental history to show that it successfully brings in money. However, if the amount you want to borrow against the new property (calculated out to a monthly rate) exceeds what the rental brings in, then you will need to finance the difference on your own.
Sure you can own as many properties as you want the more you own the the more you will understand. But keep in mind your mortgage type will be an investor loan and they usually on up tp 85%. I use to do loans for about 5 years.
If you earn enough money and have good credit, then yes.
Much of this will depend on your credit scores and how much you earn each month. Call a Senior Mortgage Consultant at Wells Fargo Bank, Bank of America or Washington Mutual Bank to find out.
You can if there is enough equity.
The problem is you will max out very quickly.
The better way is sandwich leases.
go to www.rickotton.com.
His program allows you to wrap other mortgages so that you don’t have control on the mortgage, you can pay it and control the asset.
Fillout the free evaluation form at www.totaldebtsolutionsllc.com ; they should be able to put you in touch with a loan officer who can do it with ease.
if your credit is >500 then write the details at [email protected] and will research and update you asap .
In general you can!!!!!!!!!
yes …..to the first
depends ……………to the second
well, if your 6 foot tall………up to your eyeballs would be 5′ 9″ and at that time you would be max out!