Updated over 5 years ago on . Most recent reply
Properties cost to low for Laon
$My Partner and I looked at two properties in Franklin Va. Single Family would be great rental property and each would generate between $700-800 per month in rent with minor repairs required. We found a lender and provided all the paperwork to get the loans required to purchase the properties but were told the following. " Both you guys are super qualified but the properties you are wanting to buy do not qualify for a loan " ( First property asking price 59k second property 35K, each over 1050 sq ft, 3/1) What made these two properties awesome to us, they were on two different street, same neighborhood with their back yard touching. I asked what was meant by properties does not qualify... I was told the amount to be loaned was to low and the market did not currently support these types of loans. We currently do not have the cash to just buy them out right.
Has anyone heard of this before and if so what other ways is there to purchase properties like these.
The numbers support a cash flow of over $220.00 each per month .