Quick question BP family,
This may be a "dumb" question to some, but I figure I'd ask anyway because I'm not exactly sure. So my question is, could I use 1 loan to buy more than one property? For example, if I got a loan for $65,000 and found 2 properties listed for $30,000, can I buy them with that one loan???
Well you would have to detail more about what exactly is the collateral for the loan but if getting the loans means you are getting money in your hand you can probably do whatever you want with it as long as you are sure you can make the payments on the loan.
Maybe you are not providing enough information.
When you're talking about conventional financing it works like this:
1. A bank pre-approves you for 250,000 (or whatever)
2. You find a property at 250,000 or less
3. The bank does their formal approval (appraisal, full verification, loan docs, etc).
4. The bank draws loan docs to protect their position.
5. The bank funds the loan.
You cannot buy two properties worth 125,000 each and sign one set of paperwork.
Now if you have a family member that will loan you 250,000 on anything you can draw one set of loan docs that covers two properties.
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