Question on financing while carrying other debt

[Zach Krietemeyer]

Hello everyone I am a 25 year old investor in Indiana. I currently have 5 single family homes right now. As a young investor I am very driven to get more properties. My question is how hard is it to get approved for a loan to get another property. For example I am interested in a small storage complex in my area. I would like to get financed for it but am having trouble due to having these other things in my name right now. Any suggestions. Thank you for all your help bigger pockets!!!

[JD Martin]

First off, congrats for being so enterprising so young. Having 5 properties at your age is nothing to sneeze at! 

Getting approved for a loan will boil down to one thing: the bank's belief in your ability to faithfully pay back the loan without any issues. The bank does not want to own your property, get back & late fees, or any of that other stuff that turns a loan into a non-performer. They want regular payments, all the time. So they're going to look at your employment, employment history, current mandatory debts, liquid assets. They might consider your rent income if it's old enough (2 years or more for many banks). They are going to look at how many debts you've had in the past, the nature of the debts, how long it took to pay them back, if you were ever late, chargeoffs, etc.