Rookie Multifamily Financing / Creative Real Estate Question
Hey BP, a couple of quick questions here.
I just moved to a new market and am looking to build up a portfolio of MF homes as quickly as possible. I'm now starting to use some of my sales and marketing background to target off-market multi-family deals.
First question.. Given that I'm a single individual with an average income of $75k per year, how soon after acquiring my first MFH would a bank allow me to take out another mortgage on a second MFH? Is there a limit to how many mortgages one can have at one time?
The reason I ask is, I have a list of property owners I want to target and I may come into more than just one deal.
Second question.. If you had an "extra" MF deal on the line but couldn't get bank financing for some reason, what would you do with it? Hard money? Seller Financing? Partnership with another investor? Worst case scenario, wholesale it to another investor?
Thank you in advance for your advice!