I am looking to purchase my first property, which is a duplex, for $33k. However, I am struggling to find a mortgage for under $50k. Does anyone have advice on how I can finance this property?
Rental Property Investor · Smyrna, GA · Member since 2018 · 974 posts · 645 votes
5y
Investor, seller finance, bridge loan. Any of those would work, especially if you can demonstrate that the value of the duplex is at least $48K (~70% LTV) then you could immediately get a mortgage on it assuming it is in livable condition, if not, then get a bridge loan from a non-conventional bank. Talk to at least 10 local banks before you think it's impossible.