I just joined up on site today 5/26. I have been investing in residential rentals for about 10 years now. I only have 4 properties but with pretty good equity...one is also paid off.

My wife and I want to get more aggressive and get about 6 more properties for now (10 total)

I'm trying to find out what might be one of the best ways to obtain more properties using the equity we already have and who to use for doing so?

I also have about 350k equity in my own personal house but didn't really want to go there for now and would rather use the rental properties themselves.

Only thing is credit isn't stellar from some stuff that was years ago but just the same it dinged us some and I believe we're under 700 score right now.

Thanks and anyone you could recommend that might be in the Corpus Christi Texas area would be great.

thanks,
Jerome

Hi @Jerome Chapman and welcome to the site.

Because you're in this for the long haul I think its a safer option to refi the existing properties into new 30 year fixed loans. That extracts the most cash with the lowest payments. You might be able to get lines of credit on the properties, too. But the rates can change on those and the amortization period is shorter. And they can get closed unexpectedly.

You may have to work on your credit a bit, but I think 720 is still the accepted number for investor loans. If anything, it may be a bit lower.

Do realize, however, that once you have four mortgaged properties (including primary) you will have a tougher time getting loans 5-10. The FICO requirement is higher as are cash reserves (six months PITI+anything else for all properties.) And fewer lenders will do them, though they are out there.

@Jerome Chapman welcome to the site.

James thanks for the welcome and Jon....I think that's a great idea we're going to look into refinancing the properties.

hi Jerome,

You can cash out on the first four properties that you own. After that, you can use the cash to make a down payment on the next six houses. It is possible to do this but depends on many factors. Your credit being under 700 doesn't automatically disqualify you.