Conventional? Portfolio Lender? LLC? Planning ahead

[Ryan Saulle]

Hey BP members!

My brother and I are about to purchase our first flip property. We have the 20% down, is a conventional loan through a bank the best option putting it in one of our names? Is there a faster or better way you would recommend? If we plan to do one after another is this still the way to go?

For future goals, we want to own many rental properties. I've read mixed things, some saying banks will only loan up to 4 mortgages, some say 10? Should we be using conventional loans putting some in mine and some in his name until we hit the limit and then seek another method? Should we start by finding a portfolio lender before our first rental deal? Is an LLC an option? Any advice would be appreciated!

Thanks

Ryan

[Brian Garrett]

I can't help with all of your questions but I can tell you that you are allowed up to 10 conventional loans. What you most likely heard about 4 mortgages was that properties 1-4 typically require 20% down whereas properties 5-10 typically require 25%.