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Updated about 5 years ago,
Blanket loan for 9 rentals? Or Private money?
I was looking for a first investment and as I was looking around I came across 9 houses that are cash flowing Gross 1.7-2% of their value
They seem to have strong rental histories but I'll be doing due diligence later on. They all look like great deals conservatively looking at 10% vacancy 15% for property management and 10% aside for maintenance I'm looking at a 43% annual return on my money.
Assuming an Ammoritized 30-year loan at 4% which is probably impossible but if I'm looking at a Private money 30-year note at 8%
it becomes a 30%~ annualized return on my initial investment
Honestly, I have no idea what I'm doing other than the numbers and worst-case scenarios, is this a good first investment.
Does anyone have advice on what other creative financing methods I could use to fund my purchase? I feel like I find a new loan product every day.
I'm hoping to leverage the Bigger Pockets community for some advice. :)
Thanks and have a wonderful 2020!