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Updated over 4 years ago, 07/12/2020

User Stats

156
Posts
41
Votes
Breelon Bryant
  • Rental Property Investor
  • Jackson, MS
41
Votes |
156
Posts

Any Idea on Buying two Side by Side townhomes for house hack?

Breelon Bryant
  • Rental Property Investor
  • Jackson, MS
Posted

So in my market there are 1 parcel split duplexes ( they were sold individually but its one building) and I want to buy the full building as a duplex. My problem is I don’t know if there is a way I can talk to both sellers and combine the purchase from them under 1 mortgage. Is that possible? Can you by the townhomes separate and at the same time to put under one mortgage loan? Any suggestions?

User Stats

319
Posts
243
Votes
Tyler Weaver
  • Investor
  • Cincinnati, OH
243
Votes |
319
Posts
Tyler Weaver
  • Investor
  • Cincinnati, OH
Replied

They are each on their own parcel? I don't think that would be possible for a conventional lender to put on the same note. 

As far as handling it through 2 sellers and closing at the same time for the same loan that was collateralized by both parcels, a good closing company should be able to pull that off.

Since you mentioned house hacking, if you talk to an independent mortgage broker, they may have a non conventional owner occupied loan product that mimics a lot of the benefits of a conventional note that would work for 2 parcels. 

User Stats

4,353
Posts
1,722
Votes
Sam Shueh
  • Real Estate Agent
  • Cupertino, CA
1,722
Votes |
4,353
Posts
Sam Shueh
  • Real Estate Agent
  • Cupertino, CA
Replied

Each parcel you need one mortgage. There needs to a HOA and CC&R.

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User Stats

23,418
Posts
13,507
Votes
Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
13,507
Votes |
23,418
Posts
Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
Replied

You can’t get an owner occupied loan for two different properties, period, and they Are two different tax parcels/legal descriptions.