Rental Property Investor · NY · Member since 2018 · 15 posts · 0 votes
Hey! New girl here! I have excellent FICO, really good income from full-time exec assistant job and lucrative but inconsistent part-time modelling and wanted to invest in 5-6 interesting properties. First, would most banks be able to use my PT modelling work as income? I do get a 1099-Misc from each agency I work with. I also had a liquidity event this year to qualify for larger loans, but want to ignore this.
Second, I have 2 cheaper properties now in Upstate NY but paid all cash for them (under 60k each). What is best way to get 5-6 simultaneous conventional mortgages at best rates? I’ve looked at commercial/blanket and don’t like the terms really haha (ARMs, 15yr terms, etc)
I have to ask, if you have the funding to purchase 6 homes, have you looked into the returns a commercial property could give you? It could be a lot easier to get 1 loan rather than 6 mortgages and you get the added benefit of having to pay expenses and management on only a single property rather than multiple spread across a wide area.
Great question! Yes, I looked at commercial props...to a newbie at least, in areas I want to invest in...cap rate of commercial < cap rate of MF homes. I'm not convinced that much retail will survive Amazon-induced apocalypse, r u?
Hey! New girl here! I have excellent FICO, really good income from full-time exec assistant job and lucrative but inconsistent part-time modelling and wanted to invest in 5-6 interesting properties. First, would most banks be able to use my PT modelling work as income? I do get a 1099-Misc from each agency I work with. I also had a liquidity event this year to qualify for larger loans, but want to ignore this.
Second, I have 2 cheaper properties now in Upstate NY but paid all cash for them (under 60k each). What is best way to get 5-6 simultaneous conventional mortgages at best rates? I’ve looked at commercial/blanket and don’t like the terms really haha (ARMs, 15yr terms, etc)
Thanks so much!!
Yup, once you've been modeling for 2 years and paying taxes on that income, while simultaneously working full time, both sources of income can be used as "mortgage qualifying" income.
Finding a mortgage tends to get a bit harder, and rates are often a tad higher, once you cross the thresholds of having 4 and 6 properties with mortgages. After 10, Fannie will not do it at all. But it's doable. Call around. Go to your local REIA meetup and ask who people get their mortgages from.