I’m a rookie in this club, but not in Real Estate. Everyone’s postings have actually inspired me to re-evaluate my goals. Cheers to all and Happy Holidays :biggrin!
I’m with Jimbo…great plan!
How do you get loans once you get more than 4 or 5 houses? Is your debt to income ratio ever a problem with the banks?
My strategy, before the market turned, was to buy and rent, then sell at the right time, buy more, etc.
My properties dont cash flow…I was depending on appreciation.
I currently own 5 houses, 2 condos and 2 tri-plexes.
They will not currently sale for profit.
Does anyone think that I will do well to weather this market and continue to service the debts on thee properties until the market turns?
Thanks
How do you get loans once you get more than 4 or 5 houses? Is your debt to income ratio ever a problem with the banks?
If you buy the properties right, then every property you buy increases your cash flow. I have several dozen rentals and have not had a problem getting loans from the bank. My suggestion is to use small, local banks who keep their loans in their portfolio.
Does anyone think that I will do well to weather this market and continue to service the debts on thee properties until the market turns?
That is impossible to answer without the numbers. Purchase price? Gross Rents? Current Value? Where you live and what your market is doing? Even with this information, any answer will be predicated on a guess as to what the market will do. Do you have your crystal ball handy?
Good Luck,
Mike