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Private Lending & Conventional Mortgage Advice

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Anthony To
  • San Diego, CA
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34
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Best place to get a small loan? Recommendations?

Anthony To
  • San Diego, CA
Posted Jun 22 2017, 10:17

Hi BP community,

I am on my way to purchasing my first property. I'm currently doing my market research and due diligence and I have a question about financing. 

I'm considering by starting with a turnkey property in the 60-70k range to get my feet wet. I have enough money to make a cash purchase. However, is that the best use of my money? Ideally, I'd like to put down 15% and use a loan for the remaining amount so I can leverage my money and use the rest of my cash to repeat this process. I'd love to end up with 3-4 properties. Where can I find a lender that is willing to give out such a small loan to an investor like myself? At a 60k purchase price with 15% down, we are talking a roughly 50k loan. Will a conventional lender do that? If not, who will? Does anyone have any experience with getting a small loan for an investment property like this? If so, I'd love to talk to whoever you worked with.

Thank you in advance.

Anthony

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