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Updated almost 7 years ago on . Most recent reply

User Stats

26
Posts
8
Votes
Pierre Clark
  • Developer
  • Chicago, IL
8
Votes |
26
Posts

Buying Multiple Properties At Once - An Opportunity In These Times

Pierre Clark
  • Developer
  • Chicago, IL
Posted

Someone once told me an old adage in real estate is: you make your profit on a deal when you buy it, not sell it. I have always believed that statement to be true, and mainly because no matter how much due diligence you do on a deal, I have found there's always something that pops up on a property that you didn't expect that costs you money, and if you have paid too much, those unexpected expenses don't give you room to recover.

That said, I learned that when you buy properties in bulk (5 or more) especially if you buy from one owner, you usually get a better discount and price on each property than if you buy them separately. The problem for me is, many funders won't do so-called "blanket" financing - they do a separate financing application, appraisal, etc. for each deal, which for me slows down the process and costs money. I have bulk pricing with all the people I work with - appraisers, title search, contractors - because I save money in the long run and the people I work with know they will get all my business. I am looking for a funder if any of you know one with whom I can work in the same manner. Thanks for any insights.

Most Popular Reply

User Stats

26
Posts
8
Votes
Pierre Clark
  • Developer
  • Chicago, IL
8
Votes |
26
Posts
Pierre Clark
  • Developer
  • Chicago, IL
Replied

Update: I found a funder who will give a seven-figure 12 month line of credit to do purchase rehab deals. I am getting my LLC qualified now. You have to put up funding for each deal which is done separately for the first deals but once you get approved for the line you can just do your deals and you don't have to requalify or go through another process again. This is the type of lending deal I have been looking for for several years.

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