Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 13 years ago,

User Stats

42
Posts
12
Votes
Hoang P.
  • Residential Landlord
  • Cincinnati, OH
12
Votes |
42
Posts

How to borrow more money for investment properties

Hoang P.
  • Residential Landlord
  • Cincinnati, OH
Posted

Hi everyone, I don't have much experiences in borrowing money and would like to ask for advices. Here is my sum up situation:
I bought my 1st rental property in Oct 2008. Currently I own 5 rental properties + my Home. I don't have any mortgages except for the $90K equity line of credit I took out on my Home to buy the last 2 rental properties. So right now, all I owe is the $90K on the equity line at the interest rate of 2.74% with a payment of $190/month. All 5 of my rental properties are renting to Section 8 tenants for the total of $5050 per month (all 5 properties are on 1 year lease with Section 8). I currently don't have a job with a credit score of 725. My wife is working with a salary of 45K/year. Her credit score is 840.
My question is: how do we go about borrow more money to purchase more investment properties? What are my best options? Any suggestions is greatly appreciated. I'm in Louisville, Kentucky BTW.

Loading replies...