How can I finance properties under $50,000
Hi Guys,
I'm 27 years old and I finally saved up $50,000 to begin investing - I wanted to use this cash for multiple down payments on a few rental properties. I'm from Miami, FL but I'm interested in buying out of state.I found a neighborhood in Memphis, TN that I really like, and I found a couple properties that I'm very interested in acquiring - both properties are under $40,000.
I've been told that it's difficult to get conventional financing for a property under $50,000. I was wondering if it would be possible to acquire both properties using a hard money lender, and then do a cash out refinance on both properties at once since technically it would be an $80,000 portfolio.
Do you guys think banks would be willing to do a cash on refinance on two deals worth 80K combined?
Does anyone have another creative suggestion for buying deals under 50K or know if it's possible to get a conventional loan for deals like this?
Thanks!
Curtis