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Caleb Wolf
  • New to Real Estate
  • WA
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Loan Options Please?

Caleb Wolf
  • New to Real Estate
  • WA
Posted

Hello bigger pockets members. I found a beautiful rural property far below market value but it has a hand dug well. Never seen one of those before but it functions fine and has a good filtration system in the house.The property and the three large building on it are unpermitted builds. The home has minor water damage in a bathroom. It's on 7 acres and has a pond. What kind of loans can I get? I tried talking to conventional fha a private equity. It seems like everyone I've talked to requires either 5 or less Acer's in rural Washington. Or permits on the building. If the lender doesn't care about those two (only found one) then I have to already have an active home loan on a primary residence. Any help or advice would be appreciated I don't expect this place to last the week in my market.

I had planned to buy it to rent out the house almost immediately. And prepare it as an air BNB for long term. 

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Erik Estrada
#3 Mortgage Brokers & Lenders Contributor
  • Lender
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Erik Estrada
#3 Mortgage Brokers & Lenders Contributor
  • Lender
Replied

You might want to try a hard money or private lender in the area, given that they will be most familiar with the market and value of the property. 

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