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Updated about 3 years ago, 11/23/2021

User Stats

12
Posts
14
Votes
Chris Reynolds
  • Investor
  • Brecksville, OH
14
Votes |
12
Posts

Own multiple 70-120k houses in cash- looking for loan on all

Chris Reynolds
  • Investor
  • Brecksville, OH
Posted

Basically as the title says; I own 5 houses in cash with a value of between $70,000-$120,000 (I also own 8 investment properties with a mortgage, as well as a primary residence all in Ohio). I am looking to take out a loan on all of them. Ideally it would be a fixed rate long term loan. I have a business LLC with an EIN, so I am fine with a commercial loan.

The reason I own them in cash is because I am now primarily going after 4-unit buildings as opposed to duplexes. I have 9 mortgages already, and I am finding that I am capped at most places I look at 10 residential personal mortgages. I understand I can take more loans out with a commercial loan, but the rates are not as good, and the major issue is that I can not lock them in with a 30 year fixed rate when the rates are rock bottom right now, and (if you believe the FED) they will be going up early 2022. 

Any info on how to package those loans together, or be approved for more than 10 personal loans that qualify for a 30 year fixed rate I would appreciate it. 

Also- 800 credit score, not maxed out with DTI ratio, have a W2 job that I am able to qualify for additional loans, it is simply the fact I ran into the 10 personal loan issue.


Thank you!!!

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