Updated almost 5 years ago on . Most recent reply
Lenders for Multi-family investment properties
I am looking into a duplex that costs $60,000 and I have $10,000 currently to invest. The only problem is I cant find a lender that is willing to Finance a mortgage because I will not be living in it. I have excellent credit am trying to buy this property as soon as possible. This will be my First rental property. another problem I am running into is the loan I need is to low for what the banks want to lend. I know according to the guidelines I can not ask for a lender suggestions but advice on how to find one would be greatly appreciated.
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Will really speed up replies to your post if you share what city/state this is in Dwight. Loan that relatively small is an issue. Are you looking to flip it or buy and hold? If the former, consider researching a personal loan as you have high credit and it might work? Just have to really, really crunch the numbers extra as the interest rates on personal loans are much higher. Really wish I had a better suggestion. Best wishes.