After you've used up your 10 conventional loans...
I'm in the process of closing on my first rental property this month and have a goal of acquiring 9 more this year. Currently, I am getting 30 year fixed @ 4.75%. Once I have used up all 10 conventional loans, what would the best strategy be in order to keep going while preserving cash flow?
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Well this is the first time I have done anything like this, but from what I am told I can combine all my loans into one loan called a blanket loan. It is structured on a 30 year amortization with a balloon in 10 years. I only have 4 properties that have loans on them so I will be putting these into the blanket. Some blanket loans list it as one loan, others list it as 4 loans (in my case where I have 4 properties under the blanket loan). Again, this is all new to me, so if anyone else has any info on blanket loans, please share!