How do I get past 10 home mortgages to build my portfolio?

[Nitin John Abraham]

Hello All,

I am an out of state investor in the Kansas City Market. I currently hold 10 doors in the area that i acquired in the last 10 months. A couple of duplexes, and the remaining SFR's. All of them are rented except 2 that I am working on remodels prior to renting. 1 of them is a true BRRRR.

The challenge I am coming up on is the 10 mortgage limit to expand my portfolio.

I have called over 20 banks in search of a portfolio loan to help me continue building my portfolio but due to COVID banks seems to be reluctant to lend. I recently got close to moving forward with a loan when i found out that the bank will only lend to US citizens and not permanent residents so that adds another layer of complexity.

Some details about my current portfolio:

2 duplexes - both rented

7 Single Family homes - 5 rented, 2 will be on the market in  a couple of weeks for rent

Total Portfolio Value approx $550K. 

Would love to hear from the BP community on how i can try to move forward!

Thank you,

John Abraham

[Soh Tanaka]

Something to think about.

If you pay off one of your properties, you'll open up a slot. If you sell one, you'll open up a slot. If you have an LLC, you can refinance to a commercial loan, and you'll open up a slot.

It's possible that in a month or so, non-QM may come back.