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Updated over 11 years ago on . Most recent reply

Account Closed
  • Investor
  • Odenton, MD
9
Votes |
105
Posts

I have a dilemma

Account Closed
  • Investor
  • Odenton, MD
Posted

I have a dilemma. I live in Maryland. Presently own 10 houses – 7 in Maryland and 3 in Albuquerque. 8 total mortgages. I have an older (1978) house in Abq that is paid off. I’m thinking of selling that and buying 2 more houses in Maryland that will give me approximately the same overall cash flow that I have now. Also, it will put about $50k into my bank account. So everything is good but I will then have 10 mortgages and decide at a later date that I would like to move to another location and buy more of a house I’d rather live in I’m not sure I can get a loan. Almost all banks don’t lend to those whom already own 10 mortgages. The other option would be to stay put, fix up the older house a bit more, and keep renting it out. That would be a lot less hassle then selling it and buying 2 others. So what would you do?

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