No Comps for Residential Loan

[Jeremy Taggart]

Hello,

So currently I am pursuing two fourplexes and a duplex all being sold by the same seller, specifically the executor of the previous owner's estate, who passed away. I am trying to get all three together in order to get a better deal on the homes. 

These homes are located in a largely rural area so there are literally no comparables to compare these homes to. Basically all of the homes are single family homes. I was planning on using 20% down and getting all three using conventional mortgages, however my broker said I would have to go commercial since there were no comps in the area.  

He said that I could go commercial on one fourplex and the duplex, then use conventional on the other fourplex since the fourplex bought with a commerical loan could then be used as a comp. 

I thought about doing this and then refinancing the two commerical loans into long term 30 year conventional loans. I do not have enough money to buy the first two in cash. What would be the best way to approach this situation? I also thought about using hard money/private lending to purchase the first two then paying them back once I refinanced those two homes into conventional mortgages. Let me know what ya'll think.