All Forum Posts by: Colin Dickinson

Hey Team -

If I were to purchase 10 rental properties in my name, and my wife were to purchase 10 in her name, does that circumvent the general rule of no more than 10 conventional loans? I recognize there are other creative financing methods, but let's pretend we stick straight conventional. 

Looking to make another purchase (conventional) and my wife and I were just discussing that possible strategy.

Thanks Dave I’ll take a look at them!

Looking to convert my basement into (2) ADU's. Permits are nearly complete and I'm ready to rock. Anyone have a good contractor recommendation in Seattle?

Right, I get that, but the bank says that I need to be able to carry all the mortgages in the event I can't find a tenant. That's where I get hung up. I hear about people owning 10, 20, 30, 40 homes...there's no way they can cover all of those mortgages. How do I circumvent that? That's the missing piece of the puzzle for me. 

I currently own my home and would like to start acquiring rentals. The bank says I can't get a conventional loan on an investment property (to cover both mortgages), why would it let me refinance after borrowing hard money? Isn't that how this is typically done? 

In other words, how do I get my hands on rentals? Maybe I can find a way to get the first one with a large down payment, but I'll be stuck (even worse) in the same situation with my 3rd home...

I feel like I'm close, just need a little clarification from the pro's :)