Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 7 years ago on . Most recent reply

User Stats

115
Posts
21
Votes
Virgilio Garcia
  • Bronx, NY
21
Votes |
115
Posts

Married or not married?

Virgilio Garcia
  • Bronx, NY
Posted

Hello BP i have a question. on finance...

i am single by the law but a spouse at home. 

My spouse and i both have excellent credit and have no personal debt. We will be looking forward to closing on a multifamily property that we will live in while it brings in cash flow to pay down the loan for the property and in time, pull out the equity and invest it again. 

 My question is, I've heard things that people are allowed a certain amount of loans in a lifetime, whether it be a conventional, Freddie mac or Fanine mae, types of loans. so, 

How does not being married or being married affects ones eligibility to qualify for theses or any types of loans? 

P.S. i am in the process of educating my self on REI. Please don't hesitate to correct me where or if i am wrong. I am open to all replies.

Thank you BP.

Most Popular Reply

User Stats

477
Posts
304
Votes
Lee Smith
  • Residential Real Estate Broker
  • Indianapolis, IN
304
Votes |
477
Posts
Lee Smith
  • Residential Real Estate Broker
  • Indianapolis, IN
Replied

Yes, @Son-Hsiung Riu is correct.. Most lenders will stop you, or your partner, at 4 properties each.. At that point you will need to dig a bit to find lenders that will go up to 10 each... By the time you get to the 10ish loans, you will probably have enough history and experience to contact portfolio lenders and wrap up a bunch of those loans into one large loan... It may be a good thing you are not legally married, but don't use that excuse with said significant other.. haha

Depending on where these properties are located(city/state) some small banks will start doing portfolio loans at lower values(250k cumulative or higher loans).. Some banks will let you add onesy twosy properties to these portfolio loans as well after the creation.. I know a couple of lenders in Kansas City that are doing this, and I have lost some of my ongoing investors(money-wise) to these cities/banks.... e.g.-the banks working very nicely with investors but only work in their own market(KC), and not other markets like mine(Indianapolis).

Loading replies...