Good question Doc,
In light of the current mortgage crunch it is difficult to know how buying an investment property may affect your ability to acquire a new mortgage in the near future. I would suggest that you speak with a lender for more credible opinions in this matter. I would say that if you are serious about owning income properties, that you build a relationship with one lender. A lender that you deal with on a regular basis, one who knows you personally is far more likely to be â€œmore understandingâ€ than a lender whom you have never met that sees you strictly as number on a spreadsheet, and dollars in the pocket.
Here is a possible solution that can insulate your personal credit needs from those of your business. It is relatively easy and inexpensive (a few hundred dollars) to form a corporation. You could then obtain credit for income properties via your corporation or LLC. Although you may have to sign a personal guarantee for the corporate loan, you would still maintain your personal credit and debt structure separate from that of the corporation. There are other benefits to incorporating as well, including possible tax benefits, your personal liability is limited, etcâ€¦
There are websites that help individuals easily form corporations in nearly any state you best feel has the most beneficial rules and laws.
Check out these sites:
If I can be of any assistance, donâ€™t hesitate to call or email me anythime!