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 about 5 years ago,

User Stats

2
Posts
0
Votes
Chris Redfield
0
Votes |
2
Posts

Feel like a newbie - Questions on financing multiple properties

Chris Redfield
Posted

I discovered BiggerPockets through the Spotify podcast and have become hooked, listening to 2-3 episodes each day and catching up on old shows.

I currently have 3 rentral properties for a total of 4 units, in addition to my primary home. Two rentals are condos and the final property is a mixed-use property where the first floor is a commercial space that I use for my own business and a second-floor apartment.

The first condo was purchased in 2007 is paid off and valued at about $60k. 

The mixed-use property was purchased in 2017 and is valued at $160k (I'm estimating at the low end but could be as high as $200k) with a mortgage of $67k, joint with my wife.

The second condo was purchased in 2019 and is valued at about $70k with a $48k mortgage, joint with my wife.

My primary home was purchased in 2013 and is valued at $150k (estimated at low end but could be as high as $170k) with a mortgage of $75k, joint with my wife.

A few additional details:

I have a credit score that fluctuates from 760-810

I have no other debts other than the two mortgages stated above

I have access to a credit line of $85k at an interest rate of 6.25%

I have roughly $25k in cash that can be used



I want to grow my property portfolio quicker with condos in the $40k-$70k range and have additional questions. 

1. How would a traditional bank look at and treat me considering I have three mortgages? Would I be considered for a fourth, fifth, etc.?

2. What mixture of cash/financing would be suggested in order to purchase additional rental properties?

3. Are there any sources/institutions of financing that are recommended?

Thank you so much for any help and guidance!


 

Loading replies...