Finding the right loan product

[Houston Anglin]

Hi I’m trying to buy a rental property investment to do a brr on in Chicago from a family member & im getting it at a good price.. but I’m in need of a great lender to get a loan vrs hard money so I believe but I might be wrong this is where I need the help at .. what product do I choose for a equity filled & turn key property with mid to high 600 credit score…? I would like ti do a 30 year fix but I don’t have 45k to put down on a dscr loan.. please help with advice & who I can contact for lending.. thank you 

[Jack Tulloch]

Hey Houston - I think your best bet would be to hold off and save up money so you can afford to put a down payment on a property. There are ways you can get a second loan for down payments but highly advise against doing that as it can burn you down the road. I think saving money and trying to increase your credit score is the smart choice.

There are hard money loans you can get to acquire and rehab properties for less money down (10%-15%) but most want experience and you need to be willing to want to take on a rehab project.