Financing for Low Value Loans

[Damon Alford]

Hi BP,

I'm in Indianapolis Indiana. I'm looking for some ways to refinance properties with values lower than 75k. I currently have 5 credit lines which makes the initial acquisition of my properties easy. The homes that I have purchased in the past few years have all had ARVs over 90k, so this has not been an issue. This week I came across an opportunity to buy a duplex for 40k. The owner is getting older and ready to move on. The tenants currently pay 960 total (never late), have been there for 8 years and don't want to move. The place is in good condition. I once lived in the general vicinity of this property for over 10 years, so I'm comfortable with the location. I like the deal, but I'm having trouble finding ASSET BASED (no W2 income) financing for properties with values under 75k. Any suggestions?