Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 9 years ago on . Most recent reply

User Stats

2
Posts
1
Votes
Terra Gilbert
  • Software Engineer
  • Dayton, OH
1
Votes |
2
Posts

Help! Good deal, too cheap for financing!!

Terra Gilbert
  • Software Engineer
  • Dayton, OH
Posted

I just got a contract for nice duplex that rents for $600 each side and is only $34k. I have $10k which I was planning to use for a down payment but my bank who originally gave me a preapproval of $45k since that is the price range I was shopping for, now is telling me they can't loan because the amount is too small. This is such a good deal, with potential cash flow of $800-900... How can I get this financed? I have another rental which has $30k in equity, so I could only pull $10k out of it, I would still have $14k plus closing costs left. 

Most Popular Reply

User Stats

20
Posts
8
Votes
Michael Prout
  • Real Estate Professional
  • Bushkill, PA
8
Votes |
20
Posts
Michael Prout
  • Real Estate Professional
  • Bushkill, PA
Replied

Terra:

Have you considered short term financing unsecured financing to acquire the house and get the conventional financing later? We can do up to $150K @ 0%. No VOE,VOR, Assets. Only need a 680 fico score. Let me know.

Michael Prout

Proutax Financial Services

  • Michael Prout
  • Loading replies...