I’m new to real estate investing. I just bought my first property for 52k, listed for 67,900, with cash. However, I tried a private money lender first and because it was a move-in ready home, he declined. Stated that I would need to borrow at least 75k for him to work with me. Are there any private money lenders that would work with new investors needing less than 75k?
If you planning to renovate a property after the sale, you can borrow upto 70% of ARV so basically roll in your renovation costs into the loan therefore increasing the loan.
Other option is if you have another property that is higher value, you can borrow against other real estate or multiple units to increase the loan amount
For small loans you better off finding private person who will be interested in lending small amount.