Posted on: 24th Sep, 2010 04:56 am
I'm a new real estate investor and would like to buy a profolio of rental properties in Buffalo NY. It consists 13 houses with 1 to 4 units each. I don't think I can get a commercial loan since they are 4 units or less for each house and the total amount I want to borrow is only 300K. Can someone tell me where to get a blanket mortgage or give me other ideas to complete this deal? Please do not suggest that I use my business credit cards to pay for them, because I don't want to pay such a high interest and may not be able to make any profit afterwards. Thanks.
hi chang2367,
Welcome to mortgage fit
One of my suggestion is, if you are employed then most of the employers do offer a low interest loans for their employees,I know this won't suffice your requirement but surely it could fetch you 50K which is 1/6 amount you are looking for.
Next option is ask your family member to co-sign along with you on the mortgage so that you will be eligible for high mortgage amount.
One more to add, if you own/inherit any barren/vacant land then get a fresh line of credit by mortgaging it.
Instead of owning the whole property on your own and not able to manage the burden, it is always advisable to get some partner/s in the deal and relax our life with lessened anxiety by sharing some profit with partner/s.
Feel free to ask any further query if you have.
DIPA
Welcome to mortgage fit
One of my suggestion is, if you are employed then most of the employers do offer a low interest loans for their employees,I know this won't suffice your requirement but surely it could fetch you 50K which is 1/6 amount you are looking for.
Next option is ask your family member to co-sign along with you on the mortgage so that you will be eligible for high mortgage amount.
One more to add, if you own/inherit any barren/vacant land then get a fresh line of credit by mortgaging it.
Instead of owning the whole property on your own and not able to manage the burden, it is always advisable to get some partner/s in the deal and relax our life with lessened anxiety by sharing some profit with partner/s.
Feel free to ask any further query if you have.
DIPA
a commercial mortgage is the only way i know to do it.
one property = one loan
one property = one loan
