My Plan:
Purchase (2) adjacent properties, (3) family and (2) family (separate deeds.) I want my downpayments on each to be as low as possible. A loan representative told a can do 1 closing, 1 loan. Another mortgage rep. told me I need to do 2 closings and pay all the costs associated with 2 purchases. I want to put down as little as possible because I need capital to pave the driveway, side one of the buildings, etc....
The purchase prices would be 80K (3family) and 50K (2family). I would like to finance the closings costs as well. I think they will be about $4500. What is the best possible way to structure this?

Hi MArealtor

Just have a couple of questions.

1. If you are able to get the closing costs financed, what is the max down payment you could do and still achieve your goal?

2. Are the properties literally side by side or kiddie corner (can make a difference).

I could see the point of view from the other two loan representitives.

The first is probably looking to Get Title to combine both parcels and have one multi unit property. The other might be looking for what could be a little cheaper in the long run. Example is what if you one day wish to sell of the two multi-units. Either way, you would probably be looking at 5% down minimum depending on your credit.

yes, I want to be able to sell them seperately. The 2 buildings are side by side with separte driveways. My play is to purchase both and sell them separtely. I could do 10% on the (3) family which is 8k and 10% on the (2) family which is 5K.

If you are looking to sell them separately, then the two loans may work best for you.

Yeah you may wind up paying a little more, you could view less headaches ahead.

Is there any chance you can get some seller concessions to help you with the closing costs?
Second, sounds like you found a deal there. A 2 family for 50K? Wow!