Real Estate Broker · Johns Creek, GA · Member since 2009 · 870 posts · 664 votes
I am realizing that trying borrow your 5th - 10th mortgage from the bank is going to be a uphill battle. I am curious to know if there are any individual investors here in BP who has successfully reached the level of a mortgage portfolio of $2M on ten SFRs averaging in the $200k?
Did you get all ten loans from the bank or private captial or some owner financing? Assuming mortgage rates do not shoot up to 5% by 2015, my end game is SFR rental portfolio financed with a $2M mortgage. Is there any mentors here who is already there who can guide me?
We are pretty close to your targets with a double-digit SFR rental portfolio totaling near $2MM in loans. We have used about 5 different community banks to fund the deals, along with a few traditional banks. Back in the day, there used to be "blanket" loans for this type of scenario but I don't think they exist anymore.