Buying two properties simultaneously

[Rion Manita]

Good Day Bigger Pockets Community,

I work as an agent in the Boston area and have had a wonderful year, subsequently I have been looking to make my first purchase. I have been pre approved by two different banks, ironically two fantastic deals are at my fingertips. I would strongly advise anyone purchasing simultaneously two properties but I was wondering if anyone had any experience with this and if they could share their story. The concept is very attractive.

Thank you,
Rion

[Chris Mason]

Ya I've done simultaneous purchase closings. Don't try to be sneaky. Pick a lender, and that lender does both.

Make sure you have sufficient cash to close and PITI reserves on both properties.

What you DON'T want to do is try and be sneaky, work with Lender A on Prop A and Lender B on Prop B, and then at the last minute after all contingencies have been removed, Lender B gets a ping saying you've suddenly got $400k in new undisclosed debt at the last minute. 

That could very well be a "bye bye, EMD" scenario.