Awaiting financing - should I put in another offer?

[Mark Mahoney]

So I have plans of purchasing a property in the next for weeks. I am purchasing it from a family member for a very sweet equity discount. There is about a 20% equity discount so I do not want to blow this deal. I have been advised to hold off on putting in any other offers so I don’t miss out on this family member purchase.

My main goal is to ensure that I am able to finance the property from my family member.

But, I have came across another property that makes good sense in my market and I was considering putting an offer on it.

Side note: the family member that I am purchasing the property has been rented by my business (short term sober house rentals) for the past 3 years

I plan on continuing this business after acquiring the property. That being said, I may have to purchase it with a commercial loan.

So the question is-

Should I hold off on putting out any offers until I acquire the property from my family member?

Would I be able to finance them both?

Do I not need to worry about financing since they are commercial loans and the business clearly pays the expenses on the property?

Any insight would be wicked helpful!

Let me know in the comments if you need any further information!

[Timothy Hero]

Getting the property at a discount doesn't erase the fact that you'll need to put money down.