Updated about 7 years ago on . Most recent reply
Trying to Finance Small Property
I am currently trying to finance a small property with a purchase price of 35K. The house is rent ready and I know I can rent it for $900/month.
I currently have two separate properties in the market. 1st is a SFR that generates $650/mo in rent and has a value of 35k. The 2nd property consists of 2 houses and a shop that generates $1,145 per month and is worth about 40k. I own both properties free and clear.
I am having trouble finding financing for the property. I would like to either finance the purchase or refinance the two properties that I own. However, there isn't much equity even though I own them free and clear.
Does anyone know of some options available for financing such a small purchase?