Loan for Properties <$50,000
Hi all! My husband and I have two properties in Denver, CO that became rentals by circumstance, not intentionally. We're looking in to buying our first "on purpose" rental property. We're currently living in Akron, Ohio for a work assignment, although we'll move back to Denver in ~2 months.
We're looking at buying in the Akron/Cleveland area because the Denver market is out of control and properties seem to cash flow much better here. Several of the properties we're considering are around $50K and I've read most banks won't give you that small of a loan.
We have enough cash to buy it out right, but I'd rather leverage our cash to keep our options open for another property down the line. Are there options for small mortgages? Thanks!