Buying a package deal of houses
Member since 2019 · 7 posts · 1 vote
I just closed on my first rental property 2 days ago, a SFR with 3bd/1.5ba. It will cash flow about $500 per month. I used a conventional loan and put 25% down for the purchase. I am now looking for my next property and found a package deal. The deal is 4 houses with a total price tag of 320000 asking price. They have been listed on Zillow for over 300 days, so I think the asking price could drop 10-15K per house. The properties currently have tenants, with a combined income of 4325/month.
My question is, how do I make this deal? I only have about $20K on hand to make a deal since I just closed on my first property. Is it possible to get a bank loan to cover all 4 properties at once?
Thanks in advance.