Hi everyone!
My name is Alex and I am a prospective investor looking to get into the rental market. I've been reading day and night on this subject since I have become interested, have taken a look at the UBG here on BP, and have more questions than I do answers at this point. I'm awaiting delivery on Brandon Turner's book on Rental Property Investing at the moment as well.
One of my biggest questions that I cannot find a solid answer to is about direct lenders/financing. I'd had the assumption that i'd buy a rental using a HELOC on my primary residence, and then financing subsequent rentals with a LOC/leverage on that rental property (something I assumed the majority of rental owners are doing now). Further investigation is showing me that this is very difficult to do now and that for each rental you have, you'd need a 6 month reserve to show the lender in the bank, and that Fannie Mae limits your rental properties to 10 units.
Am I missing something? Or am I way off in my thinking.
I've got excellent credit at the moment and a job with six figure income (however much lower after taxes/student loans/primary mortgage), would this help gain what I want with a lender?
Thank you all again for your help! This is a great community.
Sincerely,
Alex
