Financing for low-income properties
Hi everyone. About six months ago i purchased my first property: a single family, about $45K that i bought with cash and is cash flowing at about $400 a month.
I am now looking to buy a second (and possibly third) property, but have since realized that in order to make the property cash flow better, it would be better to get a loan on the property. I have two deals, both in the $120K range, that I think can cash flow nicely, but I am not sure how to finance them. My agent told me that since it is an investment property in a low-income area, it will be hard to get a loan from a bank.
I have about $50K that I am looking to invest in one or both of these properties, and was hoping to find some suggestions on how to finance them. I'll add that I have a great credit score, but no W2 job, as I work (and reside for the most part) overseas.
Thanks.