Flipper/Rehabber · Souderton, PA · Member since 2015 · 11 posts · 2 votes
Hi everyone. I have found a property I like. I Will be going through it again today and plan on placing my offer. I am looking for advice on the best way to go about my funding. It is 2 twin homes that are attactched. And currently rented. My lender said I would have to do 2 down payments to buy them. Instead of two loans and closing costs on both is it possible to buy both while keeping the deeds separate?I would like to have the option of selling one in a few years and keeping one. Any information would be appreciated!
I don't totally understand what two twin homes (two duplexes maybe?) are but you said they are attached and if they are attached I doubt you could ever split them and sell them unless this is a condo association or a co op situation. I am not a lawyer and won't get into any of the legal stuff but here if two houses are attached it is one property and 1 loan. Can you provide some more details?
If the twin home that you are referring to are a duplex / townhouse type of set up, you will likely have to do 2 loans, 2 down payments etc. Unless you can find a commercial lender that will qualify you to purchase them with a portfolio loan, then they will need to be acquired individually. The properties are titled/deeded separately and will need to purchase as such. You may search your area for portfolio lenders and see if that would be a feasible option for you.
All you are doing here is buying 2 homes, like buying 2 townhouses or 2 row houses. The fact that they are attached should be immaterial to the sale, it's just one guy that owns 2 houses and doesn't want to sell them individually, most likely. Can you do it on one loan? Unlikely unless it is a commercial loan to your LLC or similar. Otherwise, you just get 2 mortgages, or one mortgage and one cash.
thanks for the replies! Yes, it is 2 twin homes owned by the same person. Sorry I was not more clear on the situation. Thank you for the idea of a commercial loan and portfolio lenders. I Will have to do some investigating. I ended putting in my offer for the houses. I Just ended up trying to offset the extra closing cost with a slightly lower offer. Hopefully it works out.
