what should I do after 10+ Financed properties

[Stephanie Yi]

Hi I would like to know any program still offer mortgages to investors own more than 10 financed properties?

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[Kevin Romines]

Here are some suggestions:

1) 10 Properties each - If you are married, each person can have up to 10 financed properties. So refinance some properties into one persons name leaving the other person to continue to buy if the debt ratio allows it?

2) Buy a new Owner Occupied home - If you want more rentals, you can go buy a new owner occupied home and turn the previous home into another rental.  There is no limit on number of financed properties when buying an owner occupied home. You must live in the home for 1 year, but you could essentially buy a new owner occupied home once a year and continue to grow your rental portfolio in that way?

3) Portfolio or Non- QM loans - Non-QM loans are non-Qualified Mortgages. They don't play by the Dodd/Frank laws and rules. They are typically for investors, but there are also some owner occupied loans as well. These lenders either don't have any limits on the numbers of financed properties or their limit you to 15-20 or more and they limit how many their company will do for any one investor. But there are many lenders that have these programs, so basically your not really limited on how many financed properties can be done? The rates are a little higher than Fannie Mae, so plan for that as the cost of doing business. You wont find these loans with banks and credit unions, you will only find them with Brokers and mortgage bankers. If you not sure who does them in your area, call the title companies, they will know. 

4) Blanket Portfolio or Commercial Loan - These are all one loan with many properties within them. They typically will give you a break out or sell off schedule, meaning if you want to sell one property, you can payoff XYZ amount, but not be made to pay off the total loan amount? The rates are higher than Fannie Mae, but still competitive. You may to refinance these every so many years?

5) Commercial loans - Any loan that is commercial and not in your personal name, doesn't count in the 10 financed property rule. So you can refinance a certain amount as commercial, thereby opening the residential side up for new purchases at the best rates? Commercial is typically set on a 3, 5, 7, 10 year call, so you will be refinancing these loans every so many years?

I hope this helps?