Jacksonville, FL · Member since 2017 · 22 posts · 7 votes
Greetings BP! I am ready to find my 1st deal and need recommendations for HML's and/or banks that will finance a property that's less than $50K. I can get the 25% from friends and family, but need the rest so I can achieve my goal of plunging into the new year as an official REI. My plans are to buy and hold a SFH and want to purchase within 90 days. Any suggestions?
Rental Property Investor · Jacksonville, FL · Member since 2008 · 784 posts · 528 votes
8y
@PeTika T. You will have a hard time finding a bank that offers a 50k financing. But if you added a 2nd home to the mix, you would be able to find financing, the 100k threshold is a good one. See if you can find the 100k deal, there are a lot of great options at that level. Get your cash off to the side in your LLC so you can show them you have the cash for a period of time.
I would recommend you call Doug Goins at Direct Money Lenders to start off with and see if they can help you. Great people and easy to work with in the process, i will have to send you a PM with his contact info.