I'm looking at a couple of small condos here in NH, and have been having a hard time getting financing for a rental unit. It seems that lenders aren't interested in loans for properties less than $80k, even with 20-25% down on a $50-60k purchase and a property that should appraise between $80-90k.
I've heard of people getting creative with things like prosper and the like, but they'll only do $35k max. Anyone have any other ideas on how to get these kinds of deals funded?
Yep, contact me.
Great topic! I have been thinking through the same thing. I have done a few houses already. But am finding that even portfolio lenders are moving away from the smaller loans. I looked into signiture loans at around 6% to 7% but they will only do 10k for personal loans as I am not an LLC. I am have to transition to more creative funding (private and hard money loans)
Hi my name is Anthony Warden and I'm new to this I have a few house that I'm looking at in Milwaukee and need a few pointer tips on flipping them is there any help or investors here or anywhere that are willing to invest here
@Anthony Warden I would suggest attending the local REIA club
or Apartment Association.