How do I get past 10 home mortgages to build my portfolio?
Hello All,
I am an out of state investor in the Kansas City Market. I currently hold 10 doors in the area that i acquired in the last 10 months. A couple of duplexes, and the remaining SFR's. All of them are rented except 2 that I am working on remodels prior to renting. 1 of them is a true BRRRR.
The challenge I am coming up on is the 10 mortgage limit to expand my portfolio.
I have called over 20 banks in search of a portfolio loan to help me continue building my portfolio but due to COVID banks seems to be reluctant to lend. I recently got close to moving forward with a loan when i found out that the bank will only lend to US citizens and not permanent residents so that adds another layer of complexity.
Some details about my current portfolio:
2 duplexes - both rented
7 Single Family homes - 5 rented, 2 will be on the market in a couple of weeks for rent
Total Portfolio Value approx $550K.
Would love to hear from the BP community on how i can try to move forward!
Thank you,
John Abraham