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Updated over 7 years ago,

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12
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0
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Eric M.
  • Portsmouth, VA
0
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12
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Multiple Condos on one mortgage?

Eric M.
  • Portsmouth, VA
Posted

So there are multiple condos for sale. 5 units in total. Each unit is listed for <50K. The deal looks good. cash flows very nicely, with fees. The properties are being sold by the POA. The POA wants a cash purchase for each unit. Now I'm thinking it may be possible to go to them with a deal to buy all and finance them. My real question is: Is it possible to get all the units under 1 mortgage? The catch is that the units are in adjacent (not connected) buildings.

I would live in one, and rent out the others. I would be living for free and being paid to do it because of the net cash flow. I wouldn't even know where to start with the Financing. I can get a 250K mortage, but I dont know if I can get 5 units under one mortgage. As I have never owned a home, or had a mortgage, I don't think I would qualify going the route of getting a loan (commercial or otherwise) for each.

Thoughts? Advice?

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