Buying 12 single family homes
I'm looking to buy 12 single family homes from a friend of the family. Looking for suggestions on how to finance this deal.I cant get a bank loan on my own, but I have 80k to put down myself and a guy willing to co-sign and cover the remainder of the down payment. If I went that rout, what would I offer this gentleman in return for co-signing and what percentage should I give him on top of whatever he puts in? If I don't go this rout what are my other options? Any and all comments are much appreciated thank you and God bless!
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@Account Closed
If the properties are all stabilized with little to no deferred maintenance, a no income verification portfolio (or blanket) loan will do the trick for you with 12 properties at that value, but you'll have to come to the table with more than just 20%. If you can get conventional financing, that would be ideal because the rate/terms would be the most favorable, but you would do each property separately (which is a better way to go anyway) and you would have to qualify full doc.
Stephanie