Max Borrowed Debt with Low Rates

[Tyler Powell]

Hey BP Members!

I own one Condo here in San Diego, CA and looking to add more income generating assets. There is one thing that I have not gone thru and therefore don't understand how people are accomplishing "it".

How does one get mortgages on say 10 properties?

In the eye of the bank, what do they want to see.  And doing the do-diligence on my end to assure everything will work out.

So I have my first mortgage right now along with my salary that pays it. If i get a signed rental agreement that will show the bank my extra "income" and will allow me to re-qualify for another property...?  Is it that simple?

I feel like this is a huge road block for my self.  So if anyone can shed some light that would be so helpful.  Thank you!

[Dan Velazquez]

Tyler, it seems like you have less then 10 mortgages.  Many banks will lend up to 4 mortgages, but after that its a little more difficult.  When I got to 4 mortgages I called many banks and found that Wells Fargo will lend up to 10 residential mortgages as long as your debt to income ratio is below, I believe 42%.  My last few mortgages were thru Wells Fargo and I plan to use them again until I reach 10.  Hope this helps