Posted on: 29th Jan, 2012 06:19 pm
I want to buy 3 duplexes at $60-$80K each, however I already have 4 mortgages in my name.
What banks will do a loan on mortgages 4-10 with an amount this low?
My credit score is excellent.
I have $70K in cash right now.
I already own 6 rental units that show positive cash flow on my tax returns.
Who can help with these loans?
What banks will do a loan on mortgages 4-10 with an amount this low?
My credit score is excellent.
I have $70K in cash right now.
I already own 6 rental units that show positive cash flow on my tax returns.
Who can help with these loans?
Hi tobwn,
Yes, it is true that you will face difficulty in qualifying for a mortgage as the amount you're asking a loan for is quite low. I will suggest you to contact a personal lender and check out if you could get a personal loan for those properties. However, it is a fact that personal loans will come at a higher interest rate.
Yes, it is true that you will face difficulty in qualifying for a mortgage as the amount you're asking a loan for is quite low. I will suggest you to contact a personal lender and check out if you could get a personal loan for those properties. However, it is a fact that personal loans will come at a higher interest rate.
tobwn -
it's not likely at all that you'll find an ordinary lender willing to take a risk on these duplexes. Most lenders (virtually all lenders) have limits on the amount of property you may own, and your claimed downpayment amounts aren't exactly sufficient to satisfy most (or all) of them.
You may have to find a lender who isn't relying on traditional requirements in order to get financing. Private lenders are all over the map, though you're likely to pay more for the privilege.
it's not likely at all that you'll find an ordinary lender willing to take a risk on these duplexes. Most lenders (virtually all lenders) have limits on the amount of property you may own, and your claimed downpayment amounts aren't exactly sufficient to satisfy most (or all) of them.
You may have to find a lender who isn't relying on traditional requirements in order to get financing. Private lenders are all over the map, though you're likely to pay more for the privilege.
