Mortgage Options for 620 FICO on 75% LTV purchase 8-12 properties

[Nick Johnson]

I am considering selling my duplex in SoCal and taking that money out of CA. I nearly break even on the rent/mortgage but if I am able to escape CA on a 1031, I could potentially be positive cash flowing in the $1500-$2500 a month range on the same numbers. Here are the very ballpark #'s.

Sales price $1.2m

Net $1.1m after sales expenses

Mortgage payoff $800k

If I wanted to do a 1031 on 8-12 SFRs priced in the $80,000 to $150,000 range and have about the same #'s (without adding a ton of my own funds), what are my options for purchase loans? I assume that I can't have 8-12 individual mortgages?

Had some credit challenges last year, thanks to COVID. These are all handled at this point, with no running lates.

FICO around 620 (Experian 641, Equifax 622)

Options? Forget it and don't even try? Thoughts? Thanks so much in advance!!!

[Jason Shackleton]

Hey @Nick Johnson this is not answering your question here but If you are considering buying 10 properties and taking out 10 mortgages with a credit score of 620 I would highly recommend working with a credit repair company that can up your score quickly. This will open up far better loan options for you. Also with an improved score the interest saved over 10 mortgages would be massive over time.

Hope this helps,

Jason