How can I finance properties under $50,000

[Curtis Chavoustie]

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

[Caleb Heimsoth]

@Curtis Chavoustie. Yes I’ve done this multiple times. It’s not an issue. Try chemical bank or US bank. US bank goes as low as 35k and chemical bank has no loan minimum.