Buying 2 Apartment Buildings at Once

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This is all very tentative, but I may have the opportunity to buy 2 multi family properties in a solid B, borderline A class, side of town. 

One is a 7 unit which matches the area.  The other is a 6 unit which I would call a C property in a B area, so huge potential there.  

What I have to work with is $30-40k for a down payment. I think it's possible I could get the 7 unit nicer property for close to 200k. A 20% down payment would take all my cash without much left for closing costs, etc.

I think I could get the 6 unit for about $125k. I could put $40-50k in renovations and it would probably be valued close to $250k. We have some local lenders that work really well with commercial real estate. I could get an interest only construction loan and only pay a down payment on the purchase price (20% of $125k --> 25k).

As far as CoC return it seems the 6 unit would be a better bet, but I would like to find some creative way of purchasing both properties. A thought I had was to purchase the 6 unit using a bank financed construction loan and try to purchase the 7 unit using seller financing. Once the 6 unit is renovated, I could then refinance and then subsequently refinance the 7 unit from seller financing to bank financing.

Thoughts?

I was trying to figure out a way just blanketing them together and using a bridge loan might work. It definitely helps, but I don't think you'll be able to hit the right metrics. Before Covid HML were doing 90% of purchase price and 100% of reno. In that case you'd need $32,500 down. The equity that you're building into the second one would help you with LTV concerns. But now most lenders are at 85% of purchase price and 100% of construction which would put you at $48,750 with closing costs on top.

If you can only go with one, it seems like the 6 unit will get your initial investment back into your pocked quickest. Assuming you manage the reno well, you'd be able to use the built in equity in a refinance to put your original cash back in your pocket. Then you could use that for your next deal. If you went with the 7 unit first, your cash would be stuck in there longer, although it is a less risky investment being that it is stabilized.