Strategies with money down but high DTI ratio

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Overview: I currently have 6 condo units and I am wanting to take out another loan this winter to buy a single family property in the $200,000 range with 20% down payment. My current primary residence is paid for free and clear, but in a few years, I will want to buy a new primary residence. So that would be an FHA mortgage since it's strictly a personal purchase. I'll probably transfer my current primary residence into my LLC and hold it as a rental since it will cash flow really well being paid for free and clear.

Goal / Problem to Solve: My goal is to be able to qualify for the new loan this winter for the $200,000 SFH, as well as the FHA mortgage 2 years from now for a larger personal home. I suppose part of solving this question is determining if it is safer to take out a 7th conventional mortgage in my personal name (and then an 8th mortgage FHA two years later), or if I should start using balloon loans under my LLC to fund future SFH purchases. Is one method lesslikely to be recalled than the other?

-So here's the puzzle pieces that I'm working with:

Current Debt: Two months ago, I bought my first deal.  It was 6 condos, turn key.  They are funded by six 30-year conventional mortgages in my personal name. I purchased each unit @ $109,000 (x6 units) with 25% down on each unit. I have a total of $492,000 in principal balance.  They have all recently renewed their leases and I am at 100% occupancy on paper through July 2020.  These units had a history of 100% occupancy, so I feel pretty confident about my stability on these properties.  Each unit rents for $1050 a month each with cash flow at $200 a month per unit after paying my manager, condo association and other misc stuff.  Rent is expected to increase $200 a month per unit after some basic upgrades.

I have about $12,000 in student loans over a 10 year loan.  The payment is about $110.00 per month.

I also have a truck payment for about $475 a month, 5 years remaining.

I use credit cards for day to day expenses, mainly for rewards points.  I never carry a balance more than $100 from the previous month.

Savings: I have $120,000 in cash savings for reserves and for future projects. 

Equity: My personal home is paid for free and clear, it's worth about $115,000.  I have $165,000 in combined equity in my condo units currently.  

My day job:  I work for the government and make about $57k a year with very stable employment history.   

Bottom line: How would you proceed in my situation to fund my next deal? I'm thinking balloon note under my LLC to start moving away from financing under my personal name. However, I am concerned that my loans could get recalled if I push it too far on DTI, especially if the economy dips in the future. Would it be unusual too look for a long term private money loan that would resemble a conventional mortgage?


Thanks for your help

Matt

Updated over 2 years ago

Forgot this puzzle piece: My credit score was 808 before I took out the 6 conventional mortgages. I am waiting to see how these loans affect my score.

I see no reason why you couldn't keep going with what you've been doing. DTI will work or it won't. Have an REI friendly lender go over common CPA errors/'choices' on tax returns before you file, and you should be fine.

LLC TLDR: Once you can't get normal mortgages for other reasons, go do the LLC thing.