Updated about 9 years ago on . Most recent reply
Feeling discouraged after this!!
Okay so I've found a few properties that I want to purchase to start renting them out. After months of looking at properties. I attempted putting in an offer on a property that costs 54K. I have 20% to put down. The real estate agent is telling me since The house cost is so low I have to purchase it full cash because nonbank will fund something so low. Is this legal?? I think it's crazy. I see stories on here everyday with people purchasing and never heard of this. The property is in Nj btw.
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Visit the small local banks in your area. I just recently acquired a mortgage on a SFH for $38k from a local credit union. If you have the 20% and good credit, it can be done.