How many mortgages can I can I have?

[Andrew Adam]

I live in Sioux Falls, SD and am not sure how to find out how many mortgages I can have here in my name. I heard on on early podcast that it was 8, but then I also heard that it was ten. Does it vary by state?

 I have one mortgage on my duplex, and in 6 months plan on getting another for our single family home, then over the years getting another 5-20 rentals. Long term what should my plan be as far as how many mortgages I can carry before I have to start doing 100% down or contract for deed? 

[Jim Sakalis]

Drew,  I have had as many as 27 mortgages at one time.  I could have continued having more if I choose.  Mortgage companies have certain guidelines that you must follow in order to qualify.  As you probably already know, you can only have one owner occupied at one given time.  All the rest are treated as investment properties.  Typically there is a 10% down payment requirement for the non-occupied properties you purchase.  However there are many ways to purchase homes at 100% financing even as an investment home.  You just have to do your homework and ask the right people how it is done.

I'm new to this site, but have been told we are not allowed to provide any of our contact information in here otherwise I could tell you over the phone as well as turn you onto properties that work for this type of purchase.

Good luck and hope that helped answer your question.