If i am partnering with someone 50/50 (buy and hold strategy) and we put both of our names on each mortgage does that mean that we are limited to 10 conventionally financed properties combined as opposed to 20 if we were working independently? I have read the information from fannie mae and it seams contradictory. The part i am hung up on is where it says -"the financed property limit: is cumulative for all borrowers" Thanks in advance.
Correct. Your name can be on 10 conventional mortgages.
My wife and I started splitting our names on properties to avoid that problem. You could do something similar with your partner on the mortgage. Just have a lawyer help you with the paperwork on the 50/50 split part.
You can also seek a portfolio loan to exceed the 10 conventional mortgages.
Thanks Gregg. So can we put one name on the mortgage and both of our names on the title or do the title and mortgage have to match?
Have your wife get ten and you get ten.
But I personally think syndications are the way to go since sfh is not scaleable. But you have to state somewhere.