Can this be done? I havent found anyone so far who finances properties for these amounts. Does anyone know of anyone who does?
I don't know of any way to finance them but I have 4 that I was able to purchase with cash, secure a HELOC that covered my purchase/rehab costs and still have them in positive cash flow...
I used two banks for this and it was easier with the credit union but only because the title is in my personal name.
I did more homework, and found two; Navy Federal, who will do as low as 10k (allegedly), and Wells Fargo (Also Allegedly).
I have 2 mortgages in that price range with SECU
The only way I know for sure to finance deals that low (actually you can, and we do, use this method for any size deal) is to use a SDIRA. The person looking to be a partner uses their SDIRA instead to write a loan/mortgage from their SDIRA. The owner of the SDIRA sets the underwriting guidelines. This also negates the "number of loans" obstacle.