Buying Multiple Properties At Once - An Opportunity In These Times
Someone once told me an old adage in real estate is: you make your profit on a deal when you buy it, not sell it. I have always believed that statement to be true, and mainly because no matter how much due diligence you do on a deal, I have found there's always something that pops up on a property that you didn't expect that costs you money, and if you have paid too much, those unexpected expenses don't give you room to recover.
That said, I learned that when you buy properties in bulk (5 or more) especially if you buy from one owner, you usually get a better discount and price on each property than if you buy them separately. The problem for me is, many funders won't do so-called "blanket" financing - they do a separate financing application, appraisal, etc. for each deal, which for me slows down the process and costs money. I have bulk pricing with all the people I work with - appraisers, title search, contractors - because I save money in the long run and the people I work with know they will get all my business. I am looking for a funder if any of you know one with whom I can work in the same manner. Thanks for any insights.