How should I finance a 10 rental property purchase deal.

[Anne Laurenzi]

A friend of mine has a landlord that is wanting to retire and move away from the area. He owns 10 different rental properties and wants to sell them eventually. I haven't talked to the man or even looked at the properties yet but it's in the works. My question(s) are;

How would I go about financing 10 properties at once? Obviously a normal mortgage for all 10 won't work. 

Is my best option to find a bank that does portfolio lending? How likely are they going to loan to someone without other investments or collateral. I don't have any other properties yet, just my personal home. I have a good paying job, a good credit score, and a modest bit of savings. 

Is there a creative way to come up with the down payment(s) or a way to purchase without down payments?

Thanks in advance, 

Mike

[JR T.]

You'll need some serious experience operating the type of asset you're buying before a bank or most commercial lenders will lend you money for the purchase (i.e. before seeing how you perform on the asset first aka "seasoning"). 

In other words, you'll need to get them through seller financing or just buy as many as your existing income can support.