Currently my wife and I live live in Indiana and have a 8 single family homes financed on 30 year fixed conventional loans. 7 of the 8 are investment properties and I would like to keep adding 2 or 3 a year but I was just notified by my lender that I would not be able to finance any more than 10 homes. I love single family rentals as they have worked out well for us. The only way I know to go over 10 is to jump up to a 5 unit or more multi family building where I can have a commercial loan vs. residential. Anyone out there ever ran into this road block? Any advise would be greatly appriciated.
You can get commercial, or portfolio, loans on a sfr..
Not sure whos name they are in, but you could have 10 each. Another option is to find a smaller bank that doesnt sell their loans and keeps them in house. You could roll the ones with higher cash flows into a portfolio loan with a bank, that would free you up to get more fannie/freddie loans. You also go the basic commercial lending route and refi it into one of those as well, they dont have the 10 loan limit like the conventional lending side does.