We just closed the Cash-out refinance on a rental property we bought last year with cash. Purchasing plus remodeling cost was 140K for this SFH last year. We cashed out net 115K which was based on market value of 160K. No bad at all.
According to the loan broker, either husband or wife can get maximum of 10 mortgage loans including the primary home loan; however you cannot cash-out the 5th rental property in the future.
In order to get as many mortgage loans as possible, husband and wife should not apply loan together. This way you can get as many as 20 mortgage loans for your family. In addition, it is better to put one name (husband or wife) not only on the loan but also on the title. This will make it easier to get loans in future even the number of total loans under each person is below 10.
Luckily, thus far, all our properties except the first one we bought have only one name under each loan. We will have more room to acquire more properties in the future as long as each of us is not beyond the limitation of debt-income ratio.
So, if your and your husband/wife's income permits, do not apply a mortgage loan together. Also, it is better to put only one name in the title. You can add both names to the properties when you reach the maximum of 20. This is what the loan broker suggested and makes sense if you want to maximally expand your RE scale.
This infomation is based on my talk with a loan broker, please confirm.
