Refinance vs. Mortgage

1 Reply

Dear Investors,

My goal is to have the maximum (10/ person?) personal loans to purchase rental properties.

I have a decent full-time job at the moment and also my primary residence paid off.

Should I refinance the primary residence and use the BURRR strategy or get a mortgage for the investment property, HELOC or both? Can you take out multiple loans after the first property? My biggest question is how to "rinse and repeat".

If you were to get a personal loan or reverse mortgage, how would you be able to protect your asset and put in inside an LLC?

Ok there is a lot to dissect in this post

1. A reverse mortgage is basically selling your home with owner financing and giving it away when you die.

2. for a rental you typically need 20% down to get a conventional mortgage, if you need to refinance for the down payment that is an option, if you don't then you should be just fine applying for a mortgage without refinancing your primary

3. Yes you can have multiple mortgages at the same time as long as you qualify for them.

4. You can find some lenders willing to lend to an LLC but usually you have to personally guarantee the loan. (I don't think you are really asking this but I don't think you can get a reverse mortgage for an LLC I could be wrong but I have never heard of it before)