Buy 1 Property A Year with Traditional Financing
I own a townhome I’m currently renting out, have another townhome under contract and will move into that when its finished in the Spring — turning my current townhome into my second rental.
I work full time, love my job, but love being a part-time investor. My goal is to have 10 rentals — buying one a year, moving there for a year, and then a year later, moving out and turning the previously primary home into a rental.
I know that I’ll need 6 months worth of reserves for each property in addition to closing costs and down payments.
That being said and with my strategy in mind, are there other things I need to have on my radar and be aware of when using traditional financing? I know there’s a limit of 10 doors but has anyone experienced push back from lenders as you get closer to 10 properties?
I’m based out of Utah. What lenders have you worked with that have been more investor-friendly and have a willingness to go the extra mile to earn your busineee?
Any insights or experiences would be helpful!