How to get more mortgages

Question

I’m new to real estate and was wondering how to get a 3rd, 4th, 5th mortgage

Chris Mason · Answer

Find an investor-friendly lender that "counts" the rental income in the mortgage math, if we exist in California then we exist everywhere. Good luck.

Jason D. · Answer

@Michael Backer you're new, dont worry about your 3rd, 4th, and 5th mortgages. Worry about your 1st mortgage. By the time you are buying your 3rd, 4th, 5th property, you'll know the answers.

Take the first step before worrying about the 10th step.

Nick Giulioni · Answer

@Michael Backer Seller financing takes negotiating with the seller if they are willing to act as the bank for a set period of time.  It's not something most people are willing to do - but it has allowed me really accelerate my REI.

Michael Backer · Answer

@Jerry Padilla could you explain a little more please, sorry I kinda don’t understand that

Scott D Burrows · Answer

@Michael Backer

Couldn't agree more with @Chris Mason and he knows his stuff.

Pick up the phone book and call EVERY small bank (typically they will have less than 10 physical locations) and credit union in your state.

Guarantee you will come across an investor-friendly bank.

Also, not sure if my friend @Diana Muresan might be able to help, but she is licensed in all 50-states and if she has the ability to do this, she will be able to lend to you.

Good Luck,

Scott

Jerry Padilla · Answer

@Michael Backer

Sorry for the misunderstanding. I was explaining how clients are able to get approved for more mortgages. Many investors starting out have the misconception that they need a 2 year landlord history to count rental income.

Michael Backer · Answer

@Jason DiClemente alright thank you

Jassem A. · Answer

I have purchased a few times using seller financing. It will be mostly older properties that do not have a mortgage and are not bank owned. If you offer a large amount down and do a short term then some sellers will even finance with no interest. Most of the time it will be 5-10% interest however and 5-15 yr term but it can be whatever you want to offer.

Jerry Padilla · Answer

@Michael Backer

You don’t need a 2 year history to qualify. If properties are not reflected on your tax returns, then we would use 75% of lease agreements. The new purchase we would use 75% of lease agreements or market rent.

Michael Backer · Answer

@Nick Giulioni no I have not, how does that work?

How to get more mortgages

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