Moving To The Next Level ?
We own ten investment properties and our primary home. What iam finding out now is that most if not all mortgage CO's dont wont to qualify you for that ( 11 ) investment property. Where can you turn to get a good interest rate to purchase that ( 11 ) property ?
Jerry 
I have a question for you because i asked my banker the very same question. he said it didnt matter as long as the propertys were rented with leases longer than 6 mos. the income I would be receiving off the rents would offset the debt to income ratio. All rents received shows as income and therefore counts.
So is it possible you dont have enough of your propertys rented? or the ratio of rent to debt is off?
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B.G. & Wheeler D. LLc Inc.
(A division of: Half Vast Enterprises)[ Edited by WheelerDealer on Date 12/12/2003 ]
All ( 10 ) of my rental properties are rented. With an avg. monthly income of $ 300.00.
Jerry
I am sorry but I am going to have to ask you a question that maybe you should not answer.
What is the relationship percentage wise of your yearly rental income to the stated market value of your property?
Most Bankers read a book put out by their bank. It is called the Standard Operating Procedures. In that book are a bunch of approximates to guide lending. I guess they do not like to trust them to do a mental calculation. So if I know the figure I asked you for, I can probably advise you as to why any hesitation of the bank to meet your money requirements.
Optomisticaly Lucius
You are apparently only dealing with lenders who only do conforming loans. It seems that the Fannie Mae and Freddie Mac guidelines do not allow them to purchase a mortgage from a lender when the borrower already has ten mortgages in place.
I ran into the same issue with Countrywide Home Loans, they did not want to originate any more loans for me after my tenth.
The solution to your problem is a mortgage broker. A good mortgage broker should have lending sources that will make a "non-conforming" loan.
i did 9 loans with one bank and they wanted more. Indymac Bank was the lender at 1-800-781-7399. I do not know about today. This was 2 to 3 years ago. I also had 30 other rental properties. Only the ones on the credit report need to be counted. I was told that by several brokers. I do not know the law or ethics of such but just thought I would let you know what i have been told and done.
Good LUCK and HAPPY HOLIDAYS
Hope this helps some
Ted Jr
IndyMac is also a portfolio lender. They do orginate loans that they do not intend to sell to Freddie Mac or Fannie Mae, and therefore do not have to conform to the Freddie/Fannie guidelines -- hence, they are a non-conforming loan source.
Because they hold the mortgages on a lot of their sub-prime loans, IndyMac tends to always have REO properties available, too.
A good mortgage broker will have several funding sources for non-conforming loans.