So here's the deal.. me and 3 friends have been wanting to invest together for a while. One is 3 years out of college, the rest of us are 1 year out of college.
We currently have 50-60k cash
We found a deal where a landlord wants to get rid of all of their properties in a fairly low COL city, and its a pretty big discount to buy them all together. Individually valued at 560kish (6 properties, 5 sfh 1 duplex) but 450k to take them all.
Is there any remote possibility for us 4 to get financing for this? We realized as we found this that we don't know anything other than how a normal conventional loan works. I'd imagine if there is a way to make this work it isn't through a conventional loan.
None of us really know anything about financing at all and now we feel dumb and under a lot of pressure because the numbers look super good. Does anybody have ideas for what we can or should look into?
We can also bring other people into the mix for more money but we want to avoid that as much as possible. It has been us that wanted to do this together for quite a while and we trust each other the most.
FYI this would be our first deal. We are quite clueless when it comes to many aspects of closing a deal. Acting like I know nothing here probably isn't the worst assumption :\
Thank you
EDIT: figured I'd add. 3 of us have credit scores around 720 and one around 690. combined income is close to 300k before tax, but since we're so new out of college only one of us would have "proof" of this on our tax returns, just paystubs
