Johnstown, PA · Member since 2017 · 15 posts · 0 votes
I applied to a few banks and each told me 30k was to small for a conventional loan. This is my first investment property. Can any of you guys give me some tips how to make this work?
Rental Property Investor · Lindon, UT · Member since 2015 · 862 posts · 438 votes
9y
Some banks do not have a minimum loan amount. I would look at local banks and credit unions close to the subject property. Keep trying until you get what you want.
Rental Property Investor · Lindon, UT · Member since 2015 · 862 posts · 438 votes
9y
Some banks do not have a minimum loan amount. I would look at local banks and credit unions close to the subject property. Keep trying until you get what you want.
Real Estate Agent · Garden City, NY · Member since 2016 · 3k+ posts · 1k+ votes
9y
Jonathan Kramer
Most lenders don't do loans under $50k-$75k. Certainly not conventional loans. Even hard money outfits don't much under $100k.
Best bet is to talk to small local lenders, credit unions, or raise the money from investor.
You can go the route of conventional...... You need an investor friendly lender that will go to that low of a mortgage amount. It can be tough in your price range, but it is possible.