15 Replies

is it possible to get preapproved for a certain amount of money. In order to buy 3 or 4 rental property's  

I assume we are talking about residential financing here.

Talk to your lender & see what they will approve you for on a non owner occupied properties.

You will likely need to come up with 25% down & do every deal seperatly. Not to many people doing blanket loans on residential rentals right now.

ty. Yes I am talking about residential. What if fico in 600 range. And no down  payment.Is there not a way to get approval for certain amount . I am looking at 2 distressed homes. Theses are at 15,000 all material in home to fix here runs 500 -600 near college and 3 big plants.i just would like to be able to  move on property fast if deals come available. 

Is investment agencies also a way to  invest? Would  they be able to advise  on properties and loan choices. I see lots in Amarillo.

see lots of what in Amarillo? Are you from Amarillo?

Your first step really should be to call a few mortgage agents.  They'll help you get pre approved and will let you know the process.  You don't want to talk to investment firms without knowing the basics of what is possible.  

@Tresa Gibbs  

From my experience you likely will not be able to get the loan(s) without money down, unless you are in a situation where you bring equity to the table equal to the 20% figure. The best bet in my mind is for you to approach the owner to do an owner carry or buy on contract so that you can fix the property and then obtain financing. 

It's not likely a bank will loan money out in your situation or another newbie on a house in that condition, they don't like to make loans on REO property either due to the non move in ready condition meaning all the repairs that need to take place. To them it's a liability in that shape and they can't see it as an asset.

Now if you had a long history or long enough history with the bank and your own cash or equity to take from then they would do you some favors.

But in this case you would also need the skills to fix it/do the labor yourself.

That's my experience.

If I'm reading this right, and you have deals in Amarillo, near the college, for $15,000 I'll pay a finders fee for these properties or possibly even loan you the money for these deals, as they sound too good to be true.

thank you Jeff for the advise and response . @Scott Thankyou.

they are located close to Frank Phillips college.

Oh, going to be A TON harder imo to get financing in a small town. Your going to be looking for hard/private money if you want to do no money down, and I currently know of no one in that area, there's a few in Amarillo though.

ok, thank you so much everyone. I will try to obtain  private/ hard money. Will  research Amarillo area for lenders.

I'd recommend you post more details. It sounds like you have no rental properties right now, a lower credit score, and no money available to put down. Can you share details about the properties, where you found them, what you plan to buy them for, what work they need, what you think it might cost, and how long you think it might take? This could help you write out your plan, and if the details are shared, we could help provide some feedback.

first property 948 Sq foot 2 bed 1 bath enclosed back porch. Paint and flooring supplies in home. Needs total rehab. Has wood floors may see about restoring.would like to paint outside of house also. Price 12000. Rent runs 600 month. 2ND HOME: 984 Sq foot fenced yard stone siding 1 bed. Total rehab. Rent at 400 month. 10,000. Would like to get money for homes and about 3,000 to use for rehab. Not sure if I can go through HUD and contract them for 2 years as hud rentals. Maybe through town economic development. Or rural housing.private/ hard money. Or buisness loan. No money available o put down. FICO LOW 600. RENTAL PROPERTY is hard o find here.due to college and plant turn rounds. Lots of rV parks Here Which Stay full. Thank you for helping.

What would be the best way to finance. 2 distressed propertys? These both are for sale by owner. Both at 15k. Rent in Theses would be 400 to 600. They will not owner finance.I am thinking a private lender in amarillo then refinance in a few months  a after repairs.

See if the seller will finance them. As @Scott R.  said, you are going to struggle to find private money that will lend in the smaller towns. In Amarillo you could find that a little easier. 

Join the Largest Real Estate Investing Community

Basic membership is free, forever.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.