Feel like a newbie - Questions on financing multiple properties
I discovered BiggerPockets through the Spotify podcast and have become hooked, listening to 2-3 episodes each day and catching up on old shows.
I currently have 3 rentral properties for a total of 4 units, in addition to my primary home. Two rentals are condos and the final property is a mixed-use property where the first floor is a commercial space that I use for my own business and a second-floor apartment.
The first condo was purchased in 2007 is paid off and valued at about $60k.
The mixed-use property was purchased in 2017 and is valued at $160k (I'm estimating at the low end but could be as high as $200k) with a mortgage of $67k, joint with my wife.
The second condo was purchased in 2019 and is valued at about $70k with a $48k mortgage, joint with my wife.
My primary home was purchased in 2013 and is valued at $150k (estimated at low end but could be as high as $170k) with a mortgage of $75k, joint with my wife.
A few additional details:
I have a credit score that fluctuates from 760-810
I have no other debts other than the two mortgages stated above
I have access to a credit line of $85k at an interest rate of 6.25%
I have roughly $25k in cash that can be used
I want to grow my property portfolio quicker with condos in the $40k-$70k range and have additional questions.
1. How would a traditional bank look at and treat me considering I have three mortgages? Would I be considered for a fourth, fifth, etc.?
2. What mixture of cash/financing would be suggested in order to purchase additional rental properties?
3. Are there any sources/institutions of financing that are recommended?
Thank you so much for any help and guidance!