Houston, TX · Member since 2013 · 23 posts · 0 votes
I have a question to ask you folks. I am in the process of putting in an offer for a foreclosured property to rent out, but I am running into issues on the financing side.
On this property, I am planning on putting an offer in of less than $50,000, and the repairs will be around $25,000. I just spoke to my lender, and they informed me they would be unable to underwrite this loan.
Apart from hard money or an all cash purchase, what options do I have?
Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
12y
I assume this is an REO you are talking about buying. There are difficult to finance and the other thing is if they are cheap like this one you will be competing against cash offers. In my experience banks always go with the cash offer if its available.