How many homes can I purchase consecutively?

Question

I am looking to purchase 3-5 homes consecutively. Can anyone give advice on how I can do this, and what I should be aware of before starting. I’m mindful of lenders looking at debt to income, but how much does that factor into buying homes consecutively? (3-5 homes in 1-3months)

Bill B. · Answer

I’ve purchased 3 the same day with 2 different lenders, it was a non-issue. Just don’t let them be surprised by it. Have you been a landlord long enough they will count 100% of the rental income?

Dayvon Terry · Answer

Thank you. I wasn’t aware of this. This would be my first real estate purchase. Sorry I forgot to mention.

Dayvon Terry · Answer

@Landon Bleau @Bill Brandt @Chris Whynder @Jonathan Taylor my apologies for not tagging you guys earlier in the response. I’m am fairly new to the forums, but I appreciate your responses!

Dayvon Terry · Answer

@Andrew Goldman that sounds great. I appreciate it, and will didn’t more research and strategizing in the meantime.

Andrew Goldman · Answer

@Dayvon Terry You can go the portfolio in some cases but with DSCR lending it's an extremely simple program for investors and there's no limit on how many properties you can refinance or purchase at a time. For example, if you wanted to purchase multiple properties simultaneously we would just extend multiple pre approvals. DSCR doesn't care about borrower DTI, taxes, etc.

Dayvon Terry · Answer

@Chris Whynder I’m trying to determine which loan is better. I’m looking to buy them all at once, but on a 30yr loan. If I can get them based on the cash flow of the property, it may be easier to attain. I would like to know the best type of loan, and strategy for the purchase.

Dayvon Terry · Answer

@Theresa Harris thanks for your help, I’ll be sure to make room for any additional expenses

Theresa Harris · Answer

If this is going to be your first purchase (you mentioned this in a later post), I would strongly advise that you buy one and see how that goes.

I've bought several in a short period of time through a regular mortgage. I worked with one bank, so they knew what was happening. I got two a month apart and one year later I bought a third.

You need to know how much you can borrow and be aware that you need 20% down for rentals.  So if you are preapproved for $500K and have $100K for down payments (plus money for inspections, closing costs, repairs that will need to be done), you could in theory buy 5 homes each worth $120K if you want to max yourself out.

Dayvon Terry · Answer

Thank you for the insight. I’m not quite ready yet, but I’m aiming my sights. I appreciate the strategic tips.

How many homes can I purchase consecutively?

Most Popular Reply