I'm looking into a package deal that includes more than one duplex. How would be the best way to finance a transaction like this.
Lets say for ease of the example it is 5 duplexes (10 units) for $400,000 ($80,000 each). But, if sold individually they would be worth more like $100,000 a piece.
I am assuming I would have to get commercial financing since it is over 4 units. But, then could I sell one or 2 off individually or would they be stuck as a package?
Or is there a way I could get individual residential loans on each one? If so, is there an easier/cheaper way to do this rather than having 5 different appraisals/closing costs/etc.
Thanks for any help!
Lets say for ease of the example it is 5 duplexes (10 units) for $400,000 ($80,000 each). But, if sold individually they would be worth more like $100,000 a piece.
I am assuming I would have to get commercial financing since it is over 4 units. But, then could I sell one or 2 off individually or would they be stuck as a package?
Or is there a way I could get individual residential loans on each one? If so, is there an easier/cheaper way to do this rather than having 5 different appraisals/closing costs/etc.
Thanks for any help!