Buying Cheaper Rentals With Financing
Hello All-
I have been wholesaling and also investing in cheap buy and holds for the past three years or so and have managed to purchase 5 houses with cash. I need to start moving away from purchasing these properties with cash and would very much like to start using financing. What should be my first steps in going about this? I have heard someone mention portfolio loans? I have also heard that banks will not finance the type of houses I am looking to purchase which are in the 20k-30k range or purchase a package of properties in that price range. Any help or advice would be very helpful. Thank you. I am located in Charlotte, NC.....
Hello @Stephen Murray. Many of the larger banks will not touch these low loan amounts. I know of a group Security National Mortgage that has been willing to work with some of our buyers on these lower loan amounts. You could also try some of the smaller local banks and credit unions.
Originally posted by @Stephen Murray:
Hello All-
I have been wholesaling and also investing in cheap buy and holds for the past three years or so and have managed to purchase 5 houses with cash. I need to start moving away from purchasing these properties with cash and would very much like to start using financing. What should be my first steps in going about this? I have heard someone mention portfolio loans? I have also heard that banks will not finance the type of houses I am looking to purchase which are in the 20k-30k range or purchase a package of properties in that price range. Any help or advice would be very helpful. Thank you. I am located in Charlotte, NC.....
Stephen there is a reason most banks wont touch these type of deals.
Alex
