Looking for some advise. I came across a deal to purchase three single family rentals for sub $150K. My limited experience with lenders, $50K loans are difficult to find a lender for / close on...Letting along 3 of them. As this is one deal transaction, what are my options for closing this deal smoothly. I already asked seller about seller financing. They didnt say no yet but wanted to know what my options are if they do come back and dont like the idea.
Hopefully you have some good relationships with your local lenders. If you have the same lender do all 3 for you it may be worth their time. Otherwise I would check out a local credit union or smaller bank that takes care of their customers regardless of loan size.
Good luck I hope that works out for you.
@Jim Sakalis Thanks for your quick response. Ill look into the local CU and community banks.
I second Dave Saveri's post. He's spot on. A portfolio lender may be willing to either do each individually or send the transaction to their commercial department to perform a commercial/blanket loan to cover all 3 properties under one loan.
Or check out imortgage and see what programs they have to offer in regards to the low costing properties.
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