Financing Under $100K

Member since 2023 · 2 posts · 8 votes

Hi Everyone - Newbie here. How do you get financing on a home under 75K.

I have the 25% down, but talking to a lender that I have a pre-approval from; they don’t loan under $100K for a rental purchase.

Looking to buy in Toledo, Columbus and Cleveland.

Thanks

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Dave PoeppelmeierBusiness Member

Realtor · Maumee, OH · Member since 2015 · 491 posts · 722 votes

Contact @Chris Wharton, he is in Columbus but works both in Toledo and Cleveland. You can find properties here in Toledo for $75k that will need a full cosmetic rehab in a C/C- neighborhood, but you'll find you can get dollar-to-dollar improvements in your ARV for what you put into it. $75k house + $15k Rehab = $90k ARV.

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Eric Gerakos
Investor · Costa Mesa, CA · Member since 2016 · 1k+ posts · 1k+ votes
2y
A better question is what kind of houses are you buying for less than $75,000 and who do you think will be renting them? Cheap houses are cheap for a reason. High maintenance, high vacancy. A crappy house in a crappy neighborhood will only attract crappy tenants that will destroy your property and eventually require eviction.
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