Hi, is it possible to try to receive a loan of about $200K and use it to invest in multiple smaller properties that maybe in the $30K - $90K range? Is this common? If so, what type of loan is it? How do I obtain this type of loan?
Thanks
IPR
If you find that lender let everyone know. LOL Most HML want the big deal and not the smaller ones and since it is multiple small properties I think that your going to have very difficult time finding them.
NDI
Well if I understand your question right
well you could get a loan for 200k you might see if you can get a credit card for that amount if you could qualify for it,
You could go to a bank and get a SBA loan or a business line of credit
or you could get a loan for that amount if you have that much equity in your house via a cash out refi or HELOC.
You might try partnering with people that have the cash and split the profits
You can develop a business that is successful and get a loan on the business and this does take time if you do not already have one.
And anything over 70k is pretty easy to get a bank loan on so you could get thouse financed.
This is what I can think of now to help you.
Thanks for your help. I really appreciate it. Here is a different approach I like to hear your opinion on. Is it possible to receive multiple small mortgage loans – one after the other. For instance, I receive a loan for one property for $30K. Can I turn around and ask the same lender for another $30K to purchase another home? And continue that pattern. Or should I work with different lenders everytime I need another mortgage loan? Let me know if this is possible and common. If not, please advice on how to obtain multiple property, ie, one, two property per month. Thanks for your help… Let me know if it’s easier if I create a business to do what I like to do.
IPR
Yes you can buy Multiple properties and you have to work with a Mortgage professional that understand this. It is very unique style of doing loans and it is better to work with ONE loan broker so they can orchastrate this for you
Please see this Thread
http://www.reiclub.com/forums/index.php?board=26;action=display;threadid=4002