Limit to 4 mortgagess

[Daniel Dietz]

Hi,
I was recently at a business networking event where I got to briefly talk to 2 Mortgage Brokers. Previously I have only sat down with conventional lenders (banks). Both mentioned when I ask about financing for rentals that there are now limits that only allow for a 'person' to have 4 mortgages. This was new to me.

Even though I am planning on only starting with 1 property, I can easily see acquiring more if things go as planned.

What do all of you know about this, and if there is a limit, how would that affect a 3 person LLC, which is how we are planning on most likely doing things. Would that mean the LLC could own 12? (3 people * 4 mortgages) or would there maybe be an advantage to doing things separately as we grow, so we could each own 4 if desired?

Thanks,

Dan Dietz

[Steve M.]

most larger banks only allow up to 4. if you search through my previous posting history, you will actually find a couple banks that lend up to 10. Haven't seen any that lend past that. Hopefully by 10, you can start looking at other areas for funding. Private Lenders, Sub 2's, Owner Financing, etc.....

I think 10 is a great number personally. It will hopefully take you quite some time to get there and during that time, you are learning the ropes, networking, and getting familiar with all aspects of the business!