What are the chances that I could buy 7 rental properties at once?
I don't own any rentals yet but I have been connected with another investor that is wanting to somewhat retire and sell properties from his portfolio. I don't have all the specifics yet on the properties (I don't even know what he is asking for them yet), but I have the addresses and they are all within the area I'm looking. These are all off-market properties. There are 7 properties.
Since I don't currently own any properties yet, and if he is willing to sell at a good price, is there any chance I can go to a bank and get financing for 7 properties all at once? I do have a good paying w2 job and good credit but I don't have rental property experience. I'll be able to put a down payment of possibly 20% (just a rough estimate since I don't know the price yet).
I really like the idea of jumping in with 7 properties at once instead of one by one; especially if these are great deals then I want to take advantage of the opportunity.
Am I smokin' somethin' thinking I will be able to purchase these properties as my first rental properties?
I think there would be a good chance for some owner financing options if I can't work it all out with a bank.
Once I get the details I will post in the "deal analysis" forum.
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