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Updated almost 8 years ago,

User Stats

20
Posts
3
Votes
Liam Morris
  • Real Estate Agent
  • Peters Township/McMurray, PA
3
Votes |
20
Posts

One Mortgage - Adjacent Properties

Liam Morris
  • Real Estate Agent
  • Peters Township/McMurray, PA
Posted

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!