Exploring Financing Options for a $50k Investment Property with a 20% Down Payment

Exploring Financing Options for a $50k Investment Property with a 20% Down Payment

Member since 2023 · 36 posts · 20 votes

I'm exploring the possibility of acquiring an investment property worth $50,000, specifically a single-family home, in the Akron/Canton, OH area. Ideally, I'd like to make a down payment of 20% to 25%. However, I've encountered an obstacle: my lender has informed me that banks typically do not provide FHA or conventional loans for amounts less than $75,000. Given this constraint, I'm seeking advice on the most viable financing options that would allow me to secure this property without having to increase my down payment beyond 25%.

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Rental Property Investor · Sumter, SC · Member since 2015 · 334 posts · 531 votes
3y

Try some local credit unions in your area - I've gotten a $38,000 portfolio loan at my credit union. It can be done, keep calling!

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  • Real Estate Agent · Omaha, NE · Member since 2023 · 47 posts · 23 votes
    3y

    Get creative! There are options like leveraging a current property you own, seller financing, etc. Shop around with some different lenders and banks as well, each one has different things to offer. 

  • Robert EllisBusiness Member
    Developer · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
    3y

    you will find it very difficult to get a loan for under 50k investment property. try pnc or chase bank. about the only ones that do it anymore 

  • Insurance Agent · Lakewood, CA · Member since 2013 · 171 posts · 98 votes
    3y

    It make take some time but for loan amounts that low, usually a local credit union or small bank will do it under their Commerical/Business Loan. MAYBE! :-)

  • Rental Property Investor · Sumter, SC · Member since 2015 · 334 posts · 531 votes
    3y

    Try some local credit unions in your area - I've gotten a $38,000 portfolio loan at my credit union. It can be done, keep calling!

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