Ambitious idea? Or disaster waiting to happen?

[Brandon Jackson]

Hello fellow BP Members,

As some of you know, Im new to the real estate investing game.

First and foremost, I want to thank you all for all the help and guidance on this journey. Ive learned quite a bit and feel vastly more confident (and I didnt need a $1000+ guru to tell me how to do it.)

Now heres the scenario:

There are several properties in my area up for sale from foreclosure. Most of these properties are in good condition and require minimal work to restore to move in ready condition (mainly cleaning. The things Ive seen would make Beetlejuice cringe!). After doing a bit of due diligence, I came to the idea of wholesaling the properties to make a decent profit and use the funds to start my venture into renting properties. The properties have great potential and are being sold on average for around 40% ARV. But in this area, people are more apt to rent than purchase. With this in mind, i came up with an idea.

I want to buy several of this properties under one loan and rent them out. The pooled income would more than cover the cost of the mortgage or loan, while netting me a decent monthly income.

The drawbacks: Im assuming since the loan would be secured by the deeds for ALL the properties, which would be a pain if someone wanted to buy.

any thoughts or advice?