Newbie trying to figure out financing
I'm a newbie investor who has been learning a lot by reading many of the forums and listening to the podcasts. I've been searching the web for properties and target areas. Through my searching, I found a foreclosure property that has been on the market for a long time. I think it will be a good property if I can get my price for it, but it does need some work. The biggest problem I have is how to pay for it.
I don't have enough cash on hand to go with a 20-25% down payment which I assume will be necessary with conventional financing. Also, since it's a foreclosure, seller financing doesn't seem like a viable option.
Would investor friendly banks loan to an investor without putting much money down? Are there other options I'm not considering?
Thanks