Questions around getting multiple loans in a short period of time

[Brandi Scharrer]

Newbie investor here. My questions are more around strategy in getting multiple loans in a short time period.

Here is what I’m looking to do:

I’d like to purchase 2 (maybe 3) SFHs within the next 6 mos. All the homes will be out of state and none will be considered owner occupant. Today our legal city/state of residence is Las Vegas, NV (Summerlin). We do not own there and are not currently planning on purchasing there right now. We also don’t plan to change our legal state of residency.

Property #1: SFH, buy and hold in Michigan where our families currently reside. We would stay in that property 60-90 days every year. When we are not living there we will STR. Shooting for a 10% down payment with a second home mortgage. I would entertain doing a BRRRR here as we have local connections to help.

Property #2: SFH, buy and hold currently looking at Texas or Oklahoma. We would stay in this property at least 30+ days a year and STR it the remainder of the time. Assuming this home will be considered an investment property for financing and require 20% downpayment.

Property #3: SFH (or maybe Duplex), buy and hold. May not do this property in the 6 month window I mentioned but definitely eventually. Location TBD but somewhere between Michigan and Nevada. We would also stay in this property roughly 30 days a year and STR it the remainder of the time. Also assuming this home will be considered an investment property and require 20% downpayment.

Current Financing Plan:

This is where I need some advice. The current plan is to purchase all of the above using conventional mortgages with cash down payments as required. I have a good salary, good credit and little to no debt. Out of the gate I am hoping to carry these without needing to prove they will make any type of rental income. I realize this will change as my portfolio grows.

The Questions:

1. With trying to get multiple loans so close back-to-back any things I should be mindful of? Would getting from one lender make more sense than separate ones?
   
2. Do you have to show/prove rental income or previous landlord experience when purchasing a SFH for an investment OR as long as you can cover the costs without the rental income does it really matter?
   
3. Does the order of the loans above make a difference. Example, should I do the second home mortgage before getting a loan for an investment property? Does the fact I don’t have a owner occupant loan matter?

Thanks in advance BP community! I look forward to your input.

Disclaimer: I am aware of the STR laws and regulations and will ensure I abide by them for the above purchases. I have a exit strategy in place if those were to change in the areas I purchase in. I have also lived in or actively researching the out of state locations I plan to buy in.

[Bill B.]

20-25% down is pretty much a requirement. But the multiple loans in a short period should be no big deal. I’ve gotten 8 loans in a year and 2 loans in a week and even 2 loans for 2 new purchases at the same time. (it was actually easier doing 2 loans at a time as far as a paperwork.) these were all rentals. 

These were all in Vegas with local banks. These were regular rentals so I got to count 75% of estimated rents as income.