Purchasing multiple properties in one go - Michigan

Purchasing multiple properties in one go - Michigan

Wholesaler · FL · Member since 2018 · 180 posts · 53 votes

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.

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  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 13k+ posts · 9k+ votes
    5y

    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.

  • Wholesaler · FL · Member since 2018 · 180 posts · 53 votes
    5y

    @Drew Sygit thanks I'll checkout that credit union 

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