Can you buy properties using Note

[Madhu Kumar]

Hi,

I am looking to finance a distressed property which is $25k and need to put at least $15k rehab money, which will rent around $1000 when all done. I have had 3 properties like these so far and I know how well it works.

But, I am short with my own Cash now and looking to see if I can get any Mortgage Note on the property. Does it work? Where do I start? I  have heard a podcast a while back from BP or some other place where the guest bought tens of properties by having a Note on each property. 

Thanks for your help!

[Darrin Carey]

@Madhu Kumar There is no limit to the number of bank loans you can get. (Many people quote a limit of 10, but that's a Fannie/Freddie limit, not a bank limit). A friend of mine has 90 bank loans for his portfolio of properties. You just need to have the right bank or banks.

You'll encounter more limitations with speed and potentially the loan size, smaller loans are harder. (Anything under 75,000 is smaller)