All Forum Posts by: John S.

@Wayne Brooks, I did not sign a mortgage on that property. I was added to title after.

So as an update - I think the answer I arrived at is "it depends". Each lender I spoke with gave me a different answer. For this deal I'm using conventional financing because even with taking on 5 more, my mortgage total is at 9. The interest rates being 3.625 were too good not to move forward with conventional.  

DeKalb is a great area to start in. If you're worried about summer vacancy, only sign 1yr leases.

*disclosure - I am not advocating that anyone do this because for all I know it could have legal repercussions...

@Ned Carey I guess if we get technical, would I be in breach signing any documentation and not disclosing my position on title of the partner property? It wouldn't show up in my credit report and the property has its own bank account. Without the lender doing a tax search in the county or me disclosing it, the lender really has no way of knowing about the property...

@Joe Splitrock It's 5 properties from a trust and I'm working with different lenders to see what makes sense for us. Package vs individual - we're leaning towards individual and that's why the 10 count will possibly play into the mix.

Thanks @Joe Splitrock! That makes sense that it would be any financed property. I'm currently at 4 and in the process of acquiring 5 more.

The lender that I'm working with has stated that each person can have a maximum of 10 mortgages individually.

If I own a property with a partner and my partner owns the mortgage solely in their name, does that count against my maximum of 10? I am only on title for this partner property. The mortgage does not show up in my credit report because it is not connected to my name at all.

I guess what that comes down to is the question of: does being on title for any mortgaged property count against a maximum of 10?

Hey @Chris Cooper are you looking for a broker on the buying end or selling end? I invest in DeKalb county as well.

@Zach Gring congrats!

@Frank Cesarone hey neighbor! I'm assuming you rented by the room while renovating?

What areas are you looking at for your rental?