Rental Property Investor · Member since 2020 · 6 posts · 4 votes
Hello,
I am looking into buying my first rental. I do not have a lot of money saved at this point so I am looking at buying something for under 50,000 in my area. With my market I can instantly make a couple hundred dollars off of rent with no work at all although I would Renovate and get the money back from a Heloc or by Cash out refinance to buy the next rental. Anyways that information is kind of irrelevant because I cannot find a bank that will give a loan for under 50k.. I am not sure what is they best way to go in order to make this happen? I have thought about hard money but I am not sure? Any information would be greatly appreciated!
Rental Property Investor · Orlando, FL · Member since 2016 · 135 posts · 145 votes
5y
Local banks can often be helpful because they have more flexible loan products. You should try to connect with other investors in your area and ask them for recommendations. They should know which banks would work for you, and they can also be helpful in other parts of your real estate journey.