Private Lending & Conventional Mortgage Advice
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated almost 8 years ago,
One Mortgage - Adjacent Properties
Newbie here. Been looking daily for an opportunity to get my feet wet and I have found a rental investment opportunity. Two properties, adjacent to one another, but different owners. I like the idea of having two in one location.
I'm wondering if there is a way to coordinate a single mortgage to finance both properties at once as a single investment. Both fall within the scope of BRRRR.
The properties are $17,000 and $12,000 respectively with an estimated $10,000 necessary to make sure they are rental worthy ($40,000 total) Still doing the research on market rents for the area, but can't imagine gross rents being less than $500 and $600 (2BR 1B and 3BR 1B) yielding gross rents of $1,100/month. ARV $90,000.
My initial thought is to find a family member or private lender willing to partner with me. Together we would bring $20,000 cash for 25% downpayment and repair budget, and co-sign a mortgage.
Is this a good way to do it? Are there better ones? I'm fine with splitting ownership/profit down the middle unless you guys think there's a way to do it better.
Thanks in advance!