How to branch past four mortgages?
So I always hear about the mortgage limits (between 4 and 10, depending on who you ask) and I'm trying to figure out how people get up to 15 or 20 properties in their portfolio at once. I guess what I'm wondering is if it's possible to have more mortgages if you already "own" the property, such as buying with hard money, fixing it up, and refinancing into a conventional or do refis have the same hard limit on number of mortgages? I'm in the process of expanding into a lower-cost market than where I live and I think I'm going to hit 4 properties pretty quickly and I'm trying to plan ahead. Thanks everyone.
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@Lucas Hammer The conventional limit is 10 financed properties. A refinance is not strictly distinct from a mortgage. The term refinance is referencing the method of how you obtained the mortgage. As opposed to purchasing, you refinance your mortgage when you already own the property.
The remainder of your question is going to hinge on what strategy you're using. In general, most people will attempt to finance their first 10 properties with Conventional financing before moving on the commercial or portfolio loans. This is because Conventional loans typically have the better rates and terms. Once you've maxed the Conventional mortgages, you would move to commercial or portfolio loans because you have no other choice.