Which banks can finance Investment Properties under 100k?

Buying & Selling Real Estate
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Which banks can finance Investment Properties under 100k?

Rommel DeGuzman
Member since 2020 · 11 posts · 7 votes

Hello,

I'm new to Real Estate investing and looking to invest out of my home state in California, for obvious reasons that it's gotten too expensive here for a new investor like myself with limited capital.  Can anyone give me advice on which banks will finance an out of state investment property under 100k?  I've heard that credit unions local to the property's state can, but many of them have very strict guidelines and will not lend to out of state investors.  Any help is greatly appreciated, thanks.

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Chris WhartonBusiness Member
Lender · Columbus, OH · Member since 2020 · 85 posts · 73 votes
5y

@Rommel DeGuzman I assisted a client with a $28k mortgage last year, pretty sure I could help you out. Let's connect and see what can be done.

[email protected]614-638-9531
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  • Caleb Drake
    Real Estate Agent · Pensacola, FL · Member since 2020 · 210 posts · 138 votes
    5y

    Rommel, I am in the same boat. I have a property lined up for $45k that will rent for $750/mo. I can't find anyone out there who will touch it only because of the small loan amount.

    1Reply
  • Joseph Schweizer
    Investor · Member since 2020 · 291 posts · 592 votes
    5y

    Hi @Rommel DeGuzman!

    I invested out of state in Kansas City, MO. I was able to secure a loan for around $55k with a local bank. The lenders are out there. Once you find a location you are looking to invest, reach out to local lenders, search BP for previous posts about lenders in specific markets, or search the BP network for mortgage lenders. You should be able to find someone who will lend.

    Best Wishes!

    2Reply
  • Rommel DeGuzman
    OP
    Member since 2020 · 11 posts · 7 votes
    5y

    Caleb, I'm glad to know I'm not alone in this. Thanks Joseph for the info I'll start making some phone calls. If I find a willing lender I'll be sure to forward you the info Caleb. 

    2Reply
  • Harjeet BhattiPro Member
    Lender · Glenview IL- CDLP NMLS#230554 · Member since 2015 · 2k+ posts · 747 votes
    5y

    @Rommel DeGuzman  @Caleb Drake Most of the large banks will be able to help you out if the property is in livable condition.

    0Reply
  • Rommel DeGuzman
    OP
    Member since 2020 · 11 posts · 7 votes
    5y

    Thanks Harjeet, by big banks do you mean banks like US Bank, Wells Fargo, etc? I'll start inquiring with them.

    0Reply
  • Caleb Drake
    Real Estate Agent · Pensacola, FL · Member since 2020 · 210 posts · 138 votes
    5y
    Originally posted by @Harjeet Bhatti:

    @Rommel DeGuzman  @Caleb Drake Most of the large banks will be able to help you out if the property is in livable condition.

    Harjeet, I've always worked with brokers and none of them will touch it for under $100k. They are all guys I have history with, but can't do anything to help me because their hands are tied. I guess I need to go directly to the bank. I've decided to start investing in the midwest since my local market (NWFL) is so overpriced and nothing will cashflow!  

    0Reply
  • Marc RiceBusiness Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2018 · 2k+ posts · 1k+ votes
    5y

    @Rommel DeGuzman

    My go to lender @@Chris Wharton can help you out here in Columbus, Ohio. There’s lots of great properties here for investment under $100k that cash flow excellently.

    [email protected]614-363-2787
    Marc Rice | Investor Friendly Agent at Reafco Tailwind Team574 Reviews
    WebsiteView Page
    2Reply
  • Chris WhartonBusiness Member
    Lender · Columbus, OH · Member since 2020 · 85 posts · 73 votes
    5y

    @Rommel DeGuzman I assisted a client with a $28k mortgage last year, pretty sure I could help you out. Let's connect and see what can be done.

    [email protected]614-638-9531
    4Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    5y
    Originally posted by @Rommel DeGuzman:

    Hello,

    I'm new to Real Estate investing and looking to invest out of my home state in California, for obvious reasons that it's gotten too expensive here for a new investor like myself with limited capital.  Can anyone give me advice on which banks will finance an out of state investment property under 100k?  I've heard that credit unions local to the property's state can, but many of them have very strict guidelines and will not lend to out of state investors.  Any help is greatly appreciated, thanks.

     @Chris Wharton lends on homes that are cheap in Ohio

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
    Reafco512 Reviews
    WebsiteView Page
    1Reply
  • Melanie Daigle
    Rental Property Investor · Houston, TX · Member since 2016 · 24 posts · 14 votes
    5y

    @Marc Rice Thanks for the recommendation!

    0Reply
  • Melanie Daigle
    Rental Property Investor · Houston, TX · Member since 2016 · 24 posts · 14 votes
    5y

    @Chris Wharton Hey I sent you an invitation to connect! I’m looking for lenders in Ohio. I would love to discuss further!

    1Reply
  • Rommel DeGuzman
    OP
    Member since 2020 · 11 posts · 7 votes
    5y

    @Remington Lyman

    Thanks for the info, I'm in contact with Chris Wharton now. I really appreciate the help. BP has been a blessing.

    1Reply
  • Marc RiceBusiness Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2018 · 2k+ posts · 1k+ votes
    5y

    @Melanie Daigle

    Would love to be of help in Columbus on your search. Chris and I work together a lot for out of state investors!

    [email protected]614-363-2787
    Marc Rice | Investor Friendly Agent at Reafco Tailwind Team574 Reviews
    WebsiteView Page
    1Reply
  • Josh Tosi
    Member since 2021 · 5 posts · 2 votes
    5y

    As much as I hate them as a bank I have used Wells Fargo  twice for mortgages. 1. 30 year on 28k after down payment 2. 15 year on 38k after down payment

    1Reply
  • Chris WhartonBusiness Member
    Lender · Columbus, OH · Member since 2020 · 85 posts · 73 votes
    5y

    @Melanie Daigle let's chat this week. I could do 1:30pm (EST) Monday.

    [email protected]614-638-9531
    1Reply
  • Harjeet BhattiPro Member
    Lender · Glenview IL- CDLP NMLS#230554 · Member since 2015 · 2k+ posts · 747 votes
    5y

    @Caleb Drake Start with your own bank which will help you to reach out to right contact. Mostly banks do not have restrictions on lower loan amount. 

    1Reply
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