Warning: include() [function.include]: URL file-access is disabled in the server configuration in /usr/home/ms/domains/hurryloan.com/html/answers.php on line 78 Warning: include(http://www.hurryloan.com/rightbar.php) [function.include]: failed to open stream: no suitable wrapper could be found in /usr/home/ms/domains/hurryloan.com/html/answers.php on line 78 Warning: include() [function.include]: Failed opening 'http://www.hurryloan.com/rightbar.php' for inclusion (include_path='.:/usr/local/share/pear') in /usr/home/ms/domains/hurryloan.com/html/answers.php on line 78   Go Back To Search Results Question Limit to Number of Home Equity Loans? I have been purchasing, fixing up, and renting homes in the past year. Since the market is so slow, I am able to quickly build up equity. What I do is take out Home equity loans on the houses and then roll them stright back into the purchase of the next house. I'm worried though that I may hit some limit to the number of loans I have outstanding. It would seem that my credit rating would increase since I'm also paying off credit card loans but am not sure about the bank balking at so much debt. What do you guys think? By xblaine Posted on 04/23/07 Total Answers 2 Answers- I do mortages for a living make sure you start off very small and know what your doing... your gonna need the buy the house at 70 of the market vaule so that you can resell it for a profit. Home equity loans can get you into trouble. Trust me i see it everyday... personally I would stay away from single family rentals right now. I watned to make sure I answer your question most lenders let you only have two liens on house three at very very maxium but it is very hard to quilty for three liens on home. Answer by : Dave M On Date 2007-04-23 20:11:40 Most banks won't finance you past 10 properties total, and only a few within a couple years. Too many people have gone too big, too fast, and crashed completely, leaving banks losing money. And your credit will actually probably drop. Too much new debt too quickly, along with all the credit inquiries those loans would require, will generally lower your scores. And eventually, the sheer volume of debt will hurt your scores as well. Eventually, you should sell some of these places, do a 1031 exchange, and buy fewer but bigger places instead. Answer by : Yanswersmonitorsarenazis On Date 2007-04-23 20:17:28 Don't do business with internet spammers. The lat thing you need is identity theft. I do the same thing you do, although I am sitting tight at teh present moment. I am waiting for the market to turn more before I add to my inventory. Wells Fargo is by far the best lender out there (I have great credit), but they limit you to 10 properties. After that I had to use other banks. My others are local banks, and they also each limit you to 10 properties. The banks don't balk at debt if you are paying it every month. My rents pay more then all of my mortgages (I only break even on a couple). I have no other debts, no credit cards, no car payments, so I honestly can't say how those effect it. Answer by : Janet On Date 2007-04-23 20:34:51   Go Back To Search Results