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Updated over 4 years ago on . Most recent reply

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Creative financing for multiple duplexes (12 doors total)

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Hey everyone! So this is my first post and am new to everything! I've read the books, I listen to the podcasts religiously and any spare time after being with my family I am watching youtube posts. Background for those responding, I'm a year out of grad school and make a well salaried job in health care (6 figure NO bragging intended). Of course I thought all I wanted was just a house for myself and children but have become ambitious for more. I'm impatient of spending another year(s) saving a large down payment and I'm pretty sure my mortgage and student loans will hinder me from getting a good loan. Now I've seen this portfolio that someone is trying to sell which all together is 1.6mil for 6 duplexes consisting of 3/2's and 2/2's (fully occupied, gated, A schools) at around 230k-250k each. He refuses to sell them separate so I had this plan that what if I could offer a creative (or crazy) plan that I can buy each one at a time every year over 5-6 years(built into contract?). Along with that doing seller financing for each one at 10% down and 5-6% interest every year (30 yr amort). of course negotiate a balloon among them because no one wants to wait for ever. I plan to reinvest all the money id make from the properties and could afford to throw extra w2 money into it to make sure he feels like I'm motivated to pay quickly (and refinance to get him out). Any suggestions on how to improve/write this, constructive criticism as to why this is a wild dream, and any other comment that'll help me reach my dreams faster. Thank you everyone! 

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update! First, thanks Julio for adding to my confidence! secondly I made the leap and have been given more info and they are willing to talk to me! I'll let you know how far it goes, hopefully all the way!

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