how do I finance a fifth property?

[Shannon Young]

Hello all,

I am relatively new to landlording. I would like to get a fifth property but I don't know how to do it. I know you can find banks that will do 5-10 properties. Where do I look?

Any insight is helpful.

thanks

[George P.]

Originally posted by @Account Closed:

I only go to small local banks. They keep a lot of loans in their own portfolio so they don't have to always conform to Fannie/Freddie regulations. At some small banks, they'll give you as many loans as you can qualify for. There are other benefits to these smaller banks as well. I discuss it in my blog linked through my profile. You can also target owner financing and other creative ways to purchase to avoid the regs.

 i dont think he is looking at commercial or commercial rates just yet.

you are correct in your statement, but those rates are 5yr balloon and amort at 15 + 1.5% fee. this kills any cashflor on any deal unless you stole the property.

i think what he is asking is "need conventional mortgage (30yr) for a fifth". 

i did that many times. 100% of the banks offer 1 mortgage. 90% offer up to 4. aabout 15-20% offer between 5-10. about 1-5% offer more than 10 (in house loans).

my advise is start calling banks. i mean ALL BANKS! open up google and get the list. when you get to the end of the list, start calling in the next big town closest to you. talk to their senior people.