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Updated over 2 years ago,
Risks of having several mortgages in my name?
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?