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Updated over 2 years ago,

User Stats

39
Posts
24
Votes
Rich Emery
Pro Member
  • Real Estate Agent
  • Windsor, CO
24
Votes |
39
Posts

Risks of having several mortgages in my name?

Rich Emery
Pro Member
  • Real Estate Agent
  • Windsor, CO
Posted

I currently have 4 mortgages in my name.  3 investment properties and 1 personal residence.  I'm wanting to buy a lot more real estate (buy and hold).  I know I'm going to be capped on personal mortgages in my name after another few mortgages - at least that's what I hear (I've heard this can vary).

Should I take pause having so much debt?  I have good umbrella insurance.  Should I be concerned about so much debt on my credit report?  I feel as though all 4 of my properties are 'safe' in that they cash flow fantastically.  I have 6 figure w2 income.   I'm just trying to wargame this and make sure I'm not missing anything that I should be aware of or concerned with regarding this approach.

Other questions - is there a way to get around this 'cap' on personal mortgages?  Meaning...is there a way to do this with 10,20,50+ mortgages?  If not, what tools can I use to continue to grow my portfolio once I'm capped on personal mortgages from most banks?  LLCs?

  • Rich Emery
  • Loading replies...