I have my full 10 fannie freddie properties in my name.  I put 1 in my wifes name a few years ago when she had full time income as a nurse.  So, we have a few years tax returns now showing that one rental as hers.  But now, she's not working anymore.  Would I be able to pay her a salary as my property manager, and would the bank look at that as full time income along with the one rental to qualify us for 9 more fannie / freddie loans in her name?

I talked with a commercial loan broker, but all the options have balloons.  My goal is to lock in as much low fixed rate debt for 30 years on good cash flowing real esate.  Would like to have 20 total mortgages in 3 years.

Let me know your guys thoughts, or if you have found other solutuions!

She wouldn't have 2 years work history/tax returns as property manager, so they probably wouldn't count that income.

Have you considered getting a blanket mortgage for the 10 properties? Or finding a portfolio lender?

Originally posted by @Bob Okenwa :

She wouldn't have 2 years work history/tax returns as property manager, so they probably wouldn't count that income.

Have you considered getting a blanket mortgage for the 10 properties? Or finding a portfolio lender?

 That doesn’t help if the properties are still in his name.  The rule is about “10 mortgaged properties” not “10 Fannie loans”, as far as qualifying for another Fannie loan.

@Asher Anthes   I don't believe what you suggest would pass scrutiny with lenders, though an credit officer/loan underwriter could confirm this.  good luck.

@Asher Anthes might be time for you to consider the commercial or private money lending options to help you acquire the amount of properties you want.  There are options to get long-term financing once you get to the 10 properties but you have reached the part where you have to change the game up a little.  You could also look at partnering with other people that do not have 10 properties in their name and leverage their credit to help with getting more fannie mae properties.  Partnering brings a whole new dynamic that it might be better to go down the commercial/private money lending route.  If your wife can start getting W2 income this could help down the road if you want to add 10 properties in her name as well.   

You probably already know this but you are doing great as most people don't have 1 property and you already have 10 and moving to 10 more!!  You got this!

Send me a private message if there is anything else I can help with and good luck!

@Asher Anthes

You’re a few properties ahead of me. My plan when I get to 10 is to start paying them down one at a time with the snowball method (or selling off my least favorite) and then acquire a new one with financing.

@Asher Anthes

Congratulations on your success!!!

Time to make the leap to commercial/portfolio lending.  We always suggest borrowers get as many conforming/conventional loans that they can before they make the leap.  You are there.

Stephanie