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Updated over 5 years ago,
How do I structure this deal and lock in financing ?
.. I've made a few RE mistakes in my days and, although not my current profession, I'd like to think I've learned a lesson or two in RE. That said, I came across this possible deal but am not sure where to start. So... where to start ? .... In short, I know someone who is about to come in to several sfr's. This person is distressed and wants to retire upon the inheritance and sale of some/all these properties after the imminent passing of the current owner, a relative. I want to quickly be able to pounce on this opportunity when it arises...
I want to offer to buy all 5 but am unsure the finance route I should take. I have access to capital through a family loan for a down payment, monthly coverage and repairs but am wondering if I am going to have to qualify for and get approved for individual loans for each property, or if there's such a thing as portfolio loan or commercial loan product out there that would cover all 5. I would live in one property and manage the others but none would hit the 1% point from day 1. Am considering partnering up which opens up a whole can of worms as I'm not sure how to structure that kind of deal..... I do not know the state or condition of these properties but knowing the family, they are probably not in total disrepair.
Any and all suggestions and ideas would be greatly appreciated, BP Community !