how to get financing on more then 10 properties
You have to talk to the commercial side of the banks. (Fannie Mae does not allow more than 10 active mortgages for a single person).
Most big banks offer commercial loans only to larger buildings (5+ units), but some smaller players (especially local / regional ones) will consider commercial loans even for small residential units.
You can consider blanket loans as well (e.g. 1 loan spanning 3 houses totaling 7 units). There are nationalwide programs that do it. For example, B2R lends out such loans.
A local community bank is a good option. Good luck.
In order for Fannie Mae to not count financed properties that are financed with a commercial / portfolio loan, they must be in a Corp / Sub S Corps name or if its an LLC you cannot own more than 25% of the LLC or they will count the properties? Why the distinction between a Corp, Sub-S and and an LLC, I don't know, but its the rules, so go with the flow?
There are many local community banks that will do the commercial / portfolio loans, however they have their own caps, but they tend to be more then Fannie Mae, just call them all and make notes of their max financed properties and then you can rinse and repeat your way to many many cash flowing properties!!!
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.