What if maxing out 10 Mortgages?

[Elva S.]

Hi BP!

I have a quick question to ask about Finance. We are almost at the point that we will reach the 10th conventional mortgage. Please give me a few names of the local banks, union credits etc that you would recommend in Dallas/FT Worth areas, preferably in Mid Cities. If you are able to let me know what the terms look like that will be very helpful!

Thank you very much!

Elva

[Chris Mason]

Hi @elva s.,

Before needing to go portfolio/commercial, you can usually squeeze a bit of life out of your cap of 10 with a few tricks...

1) 10 in husband's name alone, 10 in wife's name alone. Great, now we're at 20.

2) Shove debt around. Let's say you have a $600k property that you owe $200k on, and a $100k property that you owe $75k on. Cash out refinance the $600k property to pay off the $100k property, so the debt of both properties is under a single roof. We just reduced the number of financed properties by 1. I've done them where you do a batch refinance to, say, shove all the debt of six properties into 3 properties.