Hi Friend,
I hope you are doing well.
If you are a person who is looking to buy your first rental property, the topic of this blog post will be of great interest to you.
Currently I have 5 mortgages. This is because I own 5 properties. When I first started investing in real estate, I had no idea how to obtain more than one mortgage. This was back in the year 2005. Since then I have gone on to purchase Oakville real estate, Hamilton real estate and Toronto real estate.
It amazes me how few people know that they are able to obtain more than one mortgage. The bulk of society (who have mortgages) are conditioned to believe that they are only able to have one mortgage at a given time.
If you are a new real estate investor, you need to know that:
You can have more than one mortgage.
Having more than one mortgage is essential if an individual is looking to build a real estate portfolio.
Dealing With Non-Believers
Whenever there is a minority of people doing something different than the majority of people, the minority is often critisized. Staying with this theme, I often witness single mortgage holders being criticized by multiple mortgage holders.
Non believers make the assumption that:
“You cannot have more than one mortgage.”
Who Are The Non Believers?
Non believers are people that tell you that you CANNOT have more than one mortgage.
There are always people giving advice and false information to new real estate investors. As a new investor, you have to very careful who you listen to and who you take advice from. I have said over and over, that you should only take advice from someone who has accomplished something that you are trying to achieve yourself.
How Does a Real Estate Investor Obtain More Than One Mortgage?
In order to obtain more than one mortgage, you have to speak to a Mortgage Broker or Mortgage Specialist who has experience in getting multiple mortgages approved. Some real estate investors are told that Mortgage Brokers are the only ones who are able to grant more than one mortgage to a real estate investor. This is not always the case. In many situations, major financial institutions are able to grant an individual borrower more than one mortgage.
In Summary
In summary, it is absolutely possible for someone to have two mortgages at the same time. If you are new to real estate investing and want to purchase a rental property, you can feel reassured knowing that you can obtain two mortgages through the help and guidance of either a mortgage broker or a bank.
Happy Investing!
Best Regards,
Neil
ps: If you are serious about buying your first rental property, take a quick second and sign up for The First Rental Property Newsletter. You can sign up in the top right hand corner of the blog. When you sign up, you will get tips and tricks from experienced real estate investors on how to buy your first rental property, delivered straight to your Inbox, free of charge!
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