I've recently been viewing a number of properties that belong to a very large portfolio, the seller is doing much bigger deals now and wants to offload his smaller rental properties. At minimum there are two SF houses I want to buy but maybe five or six.
The houses average around $100,000 each
What would be the best way to move forward with purchasing as many as I can?
I currently only have 1 mortgage in my name, In January I should have $135,000 cash from a refinance
Can I do all five in one go with a conventional fixed mortgage lender?
Do I need to find a portfolio lender who can do similar rates as a convectional loan?
Anyone have a recommendation for a portfolio lender in Michigan?
I know I can get hard money lenders but the rates and fees are so high it's hard to make the numbers work.
FNMA doesn't allow "blanket loans" where one loan covers multiple properties.
You'll either have to do individual FNMA loans or start talking to banks & credit unions about their commerical loan options.
Try Credit Union One.
@Drew Sygit thanks I'll checkout that credit union