Updated over 4 years ago on .
Some cities more likely to have banks that will do small loans?
Something I've been looking into is buying lower value homes that are already move-in ready (or close to it) in the $50-70k range. So far I have contacted local credit unions and banks in the city and state where I am looking but this is a small city (under 1 million people) in a small mostly rural state. Also I do not live in this state myself and so far the banks and cu's have not had much interest in talking to me at all as they mostly all say they do not give investment loans for prices this low and also they do not loan to LLC's. I have seen posts from the past (some 5 years old, etc) where people talk about how they have a lot of properties that are worth around this same range of $50-70k (like 10 or more single family homes) and that they have mortgages on each. I am not sure if things have changed enough over the years that now this is not a range banks lend in whereas they used to or if there are simply some markets, like bigger cities, where there are more banks willing to do these types of loans? Any info is appreciated.