All, curious to know your thoughts on having multiple mortgages for rental properties. I currently live in a three level condo building (each floor is a separate owner) and I have the second floor unit with a mortgage. I have a nice relationship with the owner upstairs and she would like to sell sometime next year in 2020, likely beginning of Q2. I have already been in touch with a bank on specifics, downpayment, closing costs, etc. Curious to know about additional areas:
1) What should I know about having multiple mortgages?
2) Is there any tax benefit to owning 2/3 units in the same building?
3) Any horror stories?
@Grant L Cohen I have multiple mortgages. The biggest thing is making sure your debt to income ratio is good. As for owning multiple units in one complex, if you own 2 of the 3, I would think that is good as you have more control over who lives in the building and take care of things in the building that require maintenance before they become a bigger problem.
Thank you, Theresa. What is an ideal debt to income ratio to have? Seems that most articles site 28 to 35%.