Rentals

[Desmond Trice]

I live in MI & I'm looking to accumulate a dozen or so rental properties however being new to the industry I'm seeking advice as to how to do it successfully. I outright own one single family standalone home that I'm currently renting for 800, it's valued between 70-80k. I just invested in another single family home that I'm currently living in. I have a conventional mortgage on the current property owing 32k, however I want a multi family next how should I go about obtaining another property without having to wait to pay off this current property? I have a full time job earning 2k a month from that as well. Please help.

[Davon Lowery]

Welcome Desmond! You are definitely on the right path. Like Rob said the HELOC would be great but don't forget about your partnerships and private money, i.e. portfolio lenders. If the rents support the mortgage and the note has a good performance record then the lenders will be more inclined to work with you. As Brandon Turner stated in one of the latest podcasts', portfolio lenders are not intimidated by an investor who has more than one mortgage and are not hindered by the rigmarole of the Fanny/Freddy rules.