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Updated over 8 years ago,

User Stats

89
Posts
41
Votes
Lee Haenschen
  • Midland, NC
41
Votes |
89
Posts

Financing without tapping out my credit?

Lee Haenschen
  • Midland, NC
Posted

I'm new to the board and very new to home buying. I haven't invested in any homes yet....i'm just doing my research before I bite the bullet. I have been reading 1 audio book a day and sometimes re-reading the same book multiple times a week.

My goal is for me and my wife to purchase 2-3 homes a year to rent and 3-4 homes a year to flip for extra income. My wife has a steady job that she absolutely hates, and I have steady income from owning a small landscape company. We have 2 children and are looking to expand our future so we can spend more time with our kids. I currently work 60+ hours a week running my business and I'm currently looking for a new manager for my business to take my place so I can spend more time with family and starting a real estate investment business.

On to my questions: Of all the books I've read I haven't seen any of them touch on the subject about financing foreclosed homes or non-foreclosed homes in depth. My concern is that I know after 4-5 homes that my credit would be tapped out. My debt to income ratio would be at it's limits, which in turn would limit my ability to acquire more homes. 

I had a drug addict employee that ruined my credit by using my SSN# and steeling money from my company. That was 7 years ago and much of that time I spent rebuilding my credit. It took 7 years to get my credit back into the high 700's and I don't want to jeopardize my credit power with filling it up with rental properties. 

Can homes be purchased in a corporations name to keep my credit clear for personal use? I'm not greedy, but with many years spent repairing it I worry if buying homes would ruin my ability to use my credit for personal use if I ever needed to get a new car etc...

Me and my wife have no car payments, no credit card debt, no store cards. Just mortgage, cell phones, insurance and related house hold expenses (besides mortgage) 

Any help offered would be greatly appreciated. If someone could point me in the right direction that would be great! I did talk to my personal bank that I've used for 10+ years and was VERY disappointed when the woman in the finance department tried to talk me out of buying investment properties! I've read way to many Robert Kiyosaki books to fall for the bland trap of CD's, mutual funds etc... that she insisted I invest in. 

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