Section 8 Bible
Has anyone ever read these books (volume I and II)? In it, the guy talks about his strategy for buying and renting out over 300 single family homes.
For the first property, he started off with around $28,000 or so from an insurance settlement, but he talks about taking out a HELOC or getting money from credit cards and buying the property in cash.
Then, once that property is fixed up and rented out, get another loan from a bank on that property for 75-80% LTV, and use that cash to buy another property. Repeat to infinity is what he says. He and his partner did this for over 300 properties.
I have read and read and searched and searched and cannot see how on earth he was able to do this, with the current Fannie/Freddie limits of 10 mortgages per person. Even if he and his partner each were somehow able to get 10 apiece (and I'm only seeing the ability to get 4 per person), that would only make 20.
So what is the secret to how these guys were able to do this?