Purchasing multiple homes under one mtg (blanket loan type)
Hello BP Members!
I Recently found and purchased a single home (Owner Financed). Once I finished this deal. I went on to my next and found one that interested me. Come to find out the owner of my last investment owns this one and four more.
He was skeptical about this being, a non traditional way of purchasing property through a lawyer and such. However he closed with me under our agreed terms. But now I found out that he has these other properties and I am looking at my options. The owner stated to me that if this one goes smooth he may entertain another. My thinking is if I could get qualified I could offer to buy all of them at once for a better buy
I would like to purchase all of his properties under one loan. Has anybody done this type of loan what kind of loan is this and what is the up side and down side to this type of transaction is it a bad idea?
Here is the situation I am buying rentals where Iam the property owner manager and He has been the Owner/Manager and wants out of them he's retiring and wants to move, travel and such. And doesn't want to be held down.