I found some multi-family properties in the Rochester, NY area for around 50K, fully occuppied with multi-year tentants. I have spoken with a few lenders and no one seems willing to give loan for such a small amount, anyone have ideas on what I do for funding?
I tried to check that thread before I posted this one, but it said it was deleted when I clicked on it
Thanks for the welcome
I would look a local banks or credit unions. That's how I'm getting financed for my next purchase.
@Tim Trotta I would call Reliant, Northwestern, and Lyons banks in the Rochester area. They might all be able to help.
Under $50k loans can be done the one issue that usually comes into play is the title fee's, state taxes, etc can cause the loan to become a high cost loan in which closing it would violate state law. Most states require the fee's to be less than 5% of the loan amount, and with set 3rd party fee's from title company's combined with the NY state mortgage tax you could be over 5% without any lender fee's at all. Many times you can work with the numbers and get it to work if the lender is willing to take the time and effort on a small loan.
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