Home arrow Mortgage Forums arrow Loan Talk for First Time Home Buyers arrow

Where to get a blanket mortgage

Author Message
Icon Mini Profile chang2367





Joined: 24 Sep 2010

Posts: 1

1.37 Dollars($)
Post Posted: Fri Sep 24, 2010 4:56 am    Post subject: Where to get a blanket mortgage
Like 0
Dislike 0

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.
Icon Mini Profile dipaligopale





Joined: 25 May 2010

Posts: 790

22.70 Dollars($)
Post Posted: Fri Sep 24, 2010 6:20 am    Post subject:
Like 0
Dislike 0

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

_________________
1.The best of intentions must still have directions !--Unknown author

2.When I hear somebody sigh, "Life is hard," I am always tempted to ask, "Compared to what?"
- Sydney J. Harris
Icon Mini Profile tomburris
tomburris
Community Expert
Community Expert



Joined: 03 Oct 2007

Posts: 135
Location: North Dallas
19.12 Dollars($)
Post Posted: Sun Sep 26, 2010 9:52 am    Post subject:
Like 0
Dislike 0

a commercial mortgage is the only way i know to do it.
one property = one loan

_________________
Tom Burris
Mortgage Banker
214-763-4629 cell/text/nights/weekends
http://www.dallasloanguy.com/

Location: North Dallas, TX
Coverage: The entire Great State of Texas
NMLS# 335055
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights

Bookmark this page

Helpful References

Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators

     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools

Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community

MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards

Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (252)











We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 0.182 seconds.