Hi everyone. I have been reading Biggerpockets for a long time and find it to be a valuable resource. Thanks to everyone who contributes. I was wondering if anyone could give me some advice on the best course of action. I have about 100k saved. I work bringing in $1000 a month net but have very low expenses, no car payment. My dad is interested in real estate too, he makes around 75,000 a year. He has about 200k in savings. I don't think my dad has perfect credit but I am sure it is fairly good.
Here are my questions,
1) Is there any way for us to get a combined total of 20 mortgage loans based on our combined 300k savings, good credit and job income? I heard you are allowed up to ten mortgages in one persons name. If we went to a place like Phoenix how hard would it be for him to purchase ten properties that are roughly 100k each and rent for about 1k a month, using a 20% down payment given our resources?
2) If my dad could qualify to get ten mortgage loans for investment properties could he later cosign some additional loans with me? I have good credit, and could provide the down payment etc.
3) If my dad is able to get the first five mortgages (which I heard are easier to qualify for) but meets a lot of resistance when trying to qualify for mortgages 6-10 would it be easier for him to qualify for the second five if we put the houses in my name and use my credit? We don't really care whose name is on the title we are more interested at getting the maximum number or mortgage loans.
Thanks in advance for your guidance.