OfflineIs it possible to find funding for 18 properties at once??? I have a seller who is breaking up a partnership and they have 18 2 flats in Chicago, going for about $2.5M. 14 of them are already rented out and cash-flowing however, I don't even know where to start to find funding for this. Can it even be done as one loan on 18 properties? Any advice will help.
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I guess I should've rephrased my first question...where does one start to search for such funding?
It depends on your credit rating. You can talk to a local bank about the situation if your credit is good. If it is bad, you should consider making a deal with another investor to do a joint venture. There are other ways as well, but a lot depends on so many variable factors that I can't devote the time to discuss.
Always Looking to Acquire Houses | Always Looking to Amaze Investors
You have peices to a puzzle but no place to put them. Bill, correct me if I am wrong but this looks like a commercial deal to me unless James has some private money he is not eluding to. Your credit score is going to be a big factor here for the banks...Jan
PS. Yes it can be done. I am waiting to see what moves you are about to make.......
These type of purchases are kinda a grey area because they a 18 2 families. If it was a 36 unit apartment building, it might be easier to do for most banks in this environment. However, being a new investor without a track record, I would suggest the partner approach.
Always Looking to Acquire Houses | Always Looking to Amaze Investors
Up here in upstate Ny, our bank only deals commercial if you own more than 5 props anything else is considered conventional....Jan
That's great stuff guys...I appreciate the help. I am going to be doing this with a partner who is a full-time investor but he typically works with SFH's. We are just looking for someone to fund this so we can pick up the whole tape as they are all turn-key deals.
Thanks again for the advise.