does anyone know of a minimum purchase price rule to buy investment properties in Pennsylvania. Quicken loans told me it’s a minimum $155k to buy any investment property. So far I just have my single family home.
Not sure that I understand what your question is... no "rule" that Im aware of to buy. I have bought several investments under that price, in fact I just closed two duplexes in the last 30 days for well under that amount.
Interesting. Maybe quicken loans lied to me or was confused what I was asking. I was trying to buy a duplex but they said for investment property it had to be at least 155k due to pa law.
@Joshua Galup , that may just be their minimum loan amount. Some lenders have a $50k minimum.
If you want to buy investments, contact a local/regional bank or credit union they will likely have the best offerings for you in the long run.
Thanks for all the advice guys. Gonna be buying my duplex this year!
If you are talking about financing, there are restrictions placed on purchase (or loan amounts) based on the loan officer. I have loan officers that will do under 4 units as low as $40,000.
Let me know if you need help finding a different mortgage broker.
I am not aware of any PA law requiring a minimum on an investment property purchase.
It is likely a requirement of the lender.
Some lenders do not like to lend on small amounts because it takes the same amount of work and time to finance a larger loan.
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