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Updated over 6 years ago on . Most recent reply
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Financing under 100K
I was trying to purchase a 1BR condominium as an investment. Asking price $68K, taxes $3K and HOA is $305/monthly. Electric was included in the HOA, so just have to pay water and gas as utilities which can be passed down to the tenant to pay. Total monthly costs would be a little under $1000. Market price for a 1BR in my area is $1400. So there would of been potential for $400 profit for some passive income. Unfortunately the mortgage company we were working with doesn't do loans less than $100K. My question is, which banks or mortgage companies do loans for under $100K? I heard credit unions but haven't yet verified. Any help on this topic is greatly appreciated.