San Diego , CA · Member since 2018 · 87 posts · 28 votes
I am looking at a few deals for houses that are very cheap. These houses are $40k - $60k each. The problem with deals like this is that I can't get a mortgage on them since most banks won't do a $30k mortgage.
Is there a way to combine a few of these in the same neighborhood and finance them together? If I bought 3 very similar houses that totaled up to $160k, could I get a 75% loan on them on a refi? If a bank won't do it, is there a way to structure it to get private money?
Rental Property Investor · Campbell, CA · Member since 2017 · 419 posts · 499 votes
7y
@Andrew Erickson, I did a lot of research on this and found lenders willing to do it on individual rental properties in the same area. I decided against it because each property still needed the same lender requirements and costs (appraisals, inspections, etc) so the cost wasn't much better than several individual loans. Start up a convo with a few and see what they say. Never hurts to ask!
Rental Property Investor · Campbell, CA · Member since 2017 · 419 posts · 499 votes
7y
@Andrew Erickson, I did a lot of research on this and found lenders willing to do it on individual rental properties in the same area. I decided against it because each property still needed the same lender requirements and costs (appraisals, inspections, etc) so the cost wasn't much better than several individual loans. Start up a convo with a few and see what they say. Never hurts to ask!
Vandalia, MI · Member since 2018 · 569 posts · 264 votes
7y
You can do a portfolio loan or a blanket loan. It is a little paperwork intensive but, if you just bought them you should have most of the paper work already you will need.