How many loan can i have at once???
Greetings everyone!
I will be as straight forward as i can be in the attempt to get an answer for my question. So my plans are to stack a total of $60k of which i am 6 months away from. And go into this market in Pennsylvania where duplexes with 3beds 1bath cost anywhere from $40k-$70k. I was thinking on putting down 20% on 4 or 5 homes throughout the year of 2017. My credit is decent and my job generates around 70k/year. Would i get approved on all 4 or 5 loans? or is me having too many home loans impact me negatively to qualify for extra loans? I then intend to re-invest the cash flow from the rent collected, plus another $60k from earnings saved from my jobs for the following year. Would me having all of these properties get approved me approved for future home loans or is there a limit on the amount i am allowed to have, also would i need to make more money in order qualify for more home loans?