Cashout REFI on cheap properties

[Joseph Luma]

Can you buy properties under 50k with cash and then move them to conventional financing?

[Larry Turowski]

Originally posted by @Joseph Luma:

Can you buy properties under 50k with cash and then move them to conventional financing?

Conventional loan, no.  Portfolio loan, yes, but likely only a blanket loan.  The key is in your plural, properties, as opposed to property.  It can be difficult to find lenders, even portfolio lenders (those that keep their loans on their own books rather than selling them--think small local banks and credit unions) who will finance a sub-$50K house.  However, some portfolio lenders offer blanket loans.  A blanket loan is a single loan backed by two or more properties.  So you could buy two $40K houses and get a blanket loan against the $80K combined value.

Call around to local small banks and ask them if they do portfolio loans.  And if they do, ask them if they do blanket loans.