How can I get a 5th mortgage?

Question

Hi,

My name is Ron and I live in Memphis, TN.  I am a relatively new real estate investor who is looking to gradually build my portfolio by investing in good appreciating zip codes in the Memphis area. My wife and I currently occupy one home, our primary residence, and have three other properties that are all rentals. Each of our four mortgages are approximately four years old, and they are all 30 year fixed mortgages with interest rates averaging just under 4 percent. We have approximately 100k equity in each of the homes for a total of 400k equity.

Does anybody have any recommendations for me in terms of how to acquire more rental properties? I am being told by different lenders that I am not able to carry more than 4 mortgages right now because of the Covid pandemic. Would it be a good idea for me to get some cash out of these rentals and refinance? As a newbie, I am just looking for solutions and suggestions to acquire more properties. I appreciate all help and suggestions.

Ron

Marq Cobb · Answer

Hi Ron,

Shoot me a private message and I'll share a couple of lenders with you. These lenders specializein providing conventional mortgages to investors and can help you build out your portfolio in Memphis (and other solid investment markets in our region as well like Little Rock, St. Louis, etc.)Marq

Marq Cobb · Answer

Hi Ron,

Shoot me a private message and I'll share a couple of lenders with you. These lenders specializein providing conventional mortgages to investors and can help you build out your portfolio in Memphis (and other solid investment markets in our region as well like Little Rock, St. Louis, etc.)Marq

Vaibhav Puranik · Answer

Hi Ron, I recently got my 5th mortgage. There are many lenders out there who will give you 5th mortgage, especially given that you have equity in the houses. Don't go to bigger lenders such as Bank of America or Chase. Go to smaller lenders such as Cardinal Financial (I am not sure if they do business in TN). Local banks and credit unions will be great.

You can also try with online only lenders such as better.com. You can also try submitting an application to LendingTree.com or lowermybills.com. They will sell your information to 3 to 5 lenders and those lenders will call you.