Opportunity to buy 5 off-market properties at the same time

[David Pearson]

Hi all,

I have an opportunity to buy 5 off-market properties at the same time from my real estate agent’s dad (with a discount). The deal looks good. My lender will be splitting all properties into 5 separate mortgages. Has anyone purchased multiple properties at the same time? Does anyone have any advice?

Thanks,

David

[Wyatt Franta]

Hi David,

Similar to what @Sam Smith said in regards to the fear of high origination fees. Ask around, call your local banks and get competitive bids. 

As the other commentators have mentioned, you and your lender are going to need ample time to simultaneously review each transaction carefully. I would recommend a minimum of 60-Day Due Diligence and 90-day Financing after receipt of books & records. Coordinating inspectors to pull reports across 5 different properties can take some time depending on the market. Additionally, we all know how slow appraisers can be...Give your lender a comfortable window.

Best of luck.