Financing Small Deals - Dallas, TX

[Debra Grumbach]

Just starting out and spoke with a mortgage broker in Dallas, TX. He told me you cannot get conventional financing on an investment property for loans under $70K (which puts minimum purchase price at about $90K). I'm looking to start small buying condos and that price range will not cash flow from the properties I have evaluated (just running the known numbers). He told me this is true for all of Texas. 

So first question, is this true?

Second question, where would you go next? I plan on speaking with my credit union and then local banks and see if they will do a portfolio loan.

Third - he also told me that blanket loans (1 loan covering multiple units are not done in TX. Is this also True?

Thanks in advance!

[Joe Funari]

@Debra Grumbach I know of two community banks that will provide conventional financing here in the Dallas/Ft. Worth area regardless of dollar amount. I had secured under contract a home for $54K. ARV was $120K and one of these banks no only lent me the monies but allows me to finance on the same note $20K in repairs. It was a buy-and-hold. These banks work with us investors. Send me a PM and I will connect you with them both.