Loans

[Jose Cordero]

Ok, seems like I'm trying to look for the right answer and cannot find the right answer to my question. Investment has been in my mind for more than 10 years. I have never stepped the latter to buying my first home yet. This year will be the time where I purchase my very own. Although, I want to buy multiple homes and hold for a long term investment. Is there is a such thing as a loan that helps you buy multiple houses in any area, and how good of a credit you need to have? Please, can someone help.

[Wendell De Guzman]

You are talking about a blanket loan or blanket mortgage.

You have to talk to a local lender or portfolio lender. One local lender I talked with said your credit score has to be 740+ and they can only do a 15-year mortgage but even then they only do a blanket loan as an exception rather than the rule.

One thing you can do is get a HARD MONEY LOAN LINE OF CREDIT. However, usually hard money lenders require that you have EXPERIENCE before they give you such a line. If you have not done a single deal yet...I suggest don't think of a blanket loan or a line of credit yet. Just do ONE deal and the more experience you accumulate and the more deals you do, the easier it will be to get loans.