I'm looking to buy my first invest property using a mortgage. Now does this limited my buying to just one house or can i wait three months or so nd but another house using another mortgage loan??
Thanks in advance
it will all depend on whether or not the mortgage is an FHA or conventional. Also, you may want to check some local state banks in your area for they are real estate friendly. I'm not sure about Pennsylvania but in Texas the state banks love to do deals and it really doesn't matter how many. So, probably the fastest way for you to find out is call a local broker in your area. Best of luck to you!
@Julian Green As long as you have income to support the purchase, have cash for down payment and the properties you buy cash flow you can keep buying.
thanks for the advice guys.. I don't have a lot of money but I'm hoping to get a loan to buy my first property
start connecting with folks at your local REIA group and ask. Here is your group:
Diversified Real Estate Investors Group
thanks for the advice.. I'm looking forwards to checking out this forum and learning more
You don't have to wait. I closed on 2 deals and did a refill all within a month of each other. They will look at your credit history and score for the next deal though too and they will see that you have a new mortgage.
I found out recently that a bank won't count your rental income as income until you have had that rental property filled for at least a year. So, my debt to income currently looks bad, but it's not.
You might get stuck at 4 mortgages, but you can go to 10.
Like Brandon days on the BP podcast, you have to fit into a box for the bank to give you a loan". Meaning, low debt to income, good credit score, good collateral (the property), 20% or more down, money in the bank for repairs and CapEx etc. Banks like to see W-2 income too.
Anyway, good luck to you