Multiple properties, multiple loans?

3 Replies

I spoke to a friend who has several rental properties throughout a few cities. He lives in a neighboring city and is wanting to sell his properties in my city. We are going to meet soon to talk specifics. This would be my first purchase and I have little to put down. I may look into a HELOC. I am uncertain of how to approach purchasing . Since he is selling multiple properties (all single family) is there a way, either traditional or conventional, to buy as a group or would I have to get multiple financing, like per unit?

Originally posted by @Jerie Bowie :

I spoke to a friend who has several rental properties throughout a few cities. He lives in a neighboring city and is wanting to sell his properties in my city. We are going to meet soon to talk specifics. This would be my first purchase and I have little to put down. I may look into a HELOC. I am uncertain of how to approach purchasing . Since he is selling multiple properties (all single family) is there a way, either traditional or conventional, to buy as a group or would I have to get multiple financing, like per unit?

Jerie, you can look into something called a blanket loan. They were rather popular in the pre housing crash era but have become rather difficult to get nowadays. My advice is to try to find a local bank that has a strong portfolio lending arm and see what you can work out with them. In the mean time, figure out how to get more money to put down, as this will likely be your biggest (immediate) hurdle!

Filipe Pereira, Real Estate Agent in MA (#9557050) and CT (#0807610)
(860) 990-9103

Hey Jerie,

Depending on your lender, you might be able to get a Blanket Loan to cover all of your properties in that one city. I'm not too sure if any will/ can cover multiple cities. 

I would explore a couple lender locally in the city you are purchasing the properties and see if any are interested in working with you.

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