First of all the above post is sort of correct you can only get a few FHA loans, there is a limit. But you do not learn to be a excellent investor by listening to what RE agents and loan officers tell you that YOU CAN’T DO (that’s impossible!). Thus the battle cry of the CSheets bootcamp…
5 impossible things before lunch! You have my permisson to skip the whole mortgage qual. process, find a good investment property and “sell” it to a silent partner (ie hard money). Now your next problem is reading all the articles on hard money, finding partners and cold calling.
I have been researching the net trying to find ways to acquire several rental properties with as little cash as possible. I am looking to scoop up as many rental properties as I can with about $80K in cash. The problem is that no mortgage company (insured) will give you more than 5 mortgages on rental properties. I am looking at acquiring at least 10 - 15 properties, putting a 15-20% down payment on each and taking a mortgage out for the remainder. I know I can be creative with regards to this, but I want to “keep it simple” is it possible to approach this situation as I intend to do? PS I intend to pull out 10 yr mortgages with the intentions of holding them for the life of the loan. If there are other lenders who specialize in such investments, could you direct me to them?
Thanks