3 properties/ 3 different deeds/ 1 price (Need opinion)
Hello, I have a quick question. I have an owner who owns three separate properties right beside each other. They are all on different parcels and individually deeded to the owner. He is selling them as a package. Would it be better to try and get a blanket loan or buy them individually. The owner said he doesn't want to sell them individually but as a package and said it would be a lot of work to get them unified as far as the parcels and such are concerned. The package consists of 2 duplexes which the one needs minor work, and it also contains a house which will need 15-20k worth of work. How would you go about structuring this? He is motivated to sale as he is older and just wants to offload some of his properties. Thanks in advance!
Most Popular Reply
Robert,
Without details it’s hard to be as specific but if he wants to sell all 3 together, I’d think you’d have a few options. Would he seller finance? You could also get a commercial loan for the portfolio but I doubt the terms would be as good. Or, you could use residential loans for each individual property if you had the 15-25% down payment for each. That way you could get better terms but then you’d be stuck with 3 sets of closing costs.
Cameron