Multiple mortgages with $100K cash for down payments
Hi BP family,
I'm on the process of getting refinance cash from a property that will total $100K and I wanted to jump in to affordable housing. My strategy was to get as many properties as possible with the $100K putting portions of the money as down payments but I have some things I wanted to understand.
1. Whats the cheapest retail price I can get a house for and still qualify for a mortgage? (ex. if the house price is $52K and I do a $10K down payment, that means that I can't get a mortgage for it?)
2. Is there a way I can expedite the process instead of getting pre-approve, submitting documents etc. for every property? Can I get like a mortgage broker and try to bundle it all together? Just wondering how others usually go about this.
Many thanks for any information.