7 Units

Financing, Hard Money Lenders, Private Money
1

Hey folks:

I own 2 invetsment properties currently, close in a week on the third. I am curious about purchasing 7 single family properties being sold as a package (one owner) I have no cash left, seller is not interested in financing, credit is 690. Properties all rented and all have above market rents, so cash flow is pretty great.
Who can help with this?

2

This is very common.

You could go commercial and do all loans with a blanket loan and as you said you are out of cash so that really is not an option for you because they do require a down payment and you may want to know about this for future deals

The KEY here is going to a bank that alows you to do 7-10 loans at one time.

3

Thanks LR

4

Hi, I was wondering since I am newly starting out obtaining my first property, if I could do something like that in order to purchase multiple single family homes and duplexes. I like to try to obtain 2 to 3 properties per month. Is that a route to take? If not, what are my other options. ( I don’t want to have one loan for one property and not be able to obtain anyother loans for more properties. )

Thanks
IPR

5

richmortgagebroker-

Why could he not just do 7 NOO 100% loans through a bank that allows 10 loans? They are all single family homes. Did I miss something or did I just misunderstand?

6

Hi I am going to answere you both

richmortgagebroker-

Why could he not just do 7 NOO 100% loans through a bank that allows 10 loans?

Yes that is an excellent Idea and I would suggest that.

They are all single family homes. Did I miss something or did I just misunderstand?

I do not thinks You missed any thing Please read the following thread

[b]http://www.reiclub.com/forums/index.php?board=26;action=display;threadid=4761[/b]

Posted by: irogers Posted on: Sun. Jun 05, 2005, 11:06 PM
Hi, I was wondering since I am newly starting out obtaining my first property, if I could do something like that in order to purchase multiple single family homes and duplexes. I like to try to obtain 2 to 3 properties per month. Is that a route to take? If not, what are my other options. ( I don’t want to have one loan for one property and not be able to obtain anyother loans for more properties. )

Thanks

Well by using BANK LENDERS you REI have access to TRILLIONS of DOLLARS (unlimited money) so talk about using OPM

The Money is there to use so go for it and UTILIZE IT

7

Go to the pros listed in the investor resources section of this site…“hard Money Lenders”