I had a similar problem. The same rule seems to apply for your credit score. The credit company looks at your total debt for all the mortgages but doesn't include cash flow. I would recommend you definitely look for different lenders and you will likely be pleasantly surprised. The lenders I have used have a system where they will take 75% of the rent you collect and count it towards your income. This usually balances out the debt from your mortgages. I've been able to get financing on 8 properties so far, just know that the terms of the loan will get worse after 4. You'll need 25-30% down, and the interest rate will increase. Ask some agents that work in your area which lenders are good for real estate investors and they should be able to turn you on to one that will finance properties above 4. Don't despair, this is a problem you can definitely overcome with a little legwork.
