Im trying to buy some properties in Cleveland OH; because the prices are in most cases pretty low too low, its very hard to qualify for an standard loan that in most cases start lending in 70K
I'm looking to finance two homes in the 60K/70K probably with need a blanket or a commercial loan.
I might need if possible to include rehab cost as part of the loans.
Any ideas how to creatively finance cheap properties?
any help I would really appreciate.
They are tough to finance for a reason, there is just nothing there for most lenders in the event they have to foreclose. The reality is a group of 10 of them doesn't improve the situation. Personally I only pay cash on property under 30k and do very short term private money 30k to 80k. I really don't like debt of any kind on properties under 30k and I have lots of them. If it's under 30 just sell your wife's car and your lawn mower and pay cash. Private or family are pretty much your only leverage option in my opinion.
You try a line of credit or personal loan? See what kind of rates you can get with that.