Financing Investment Property, Where to Go

[Erik D.]

I'm looking at a $70,000 home. Banks want 25% down payment, if they are willing to lend at all. I have $8,000 cash that I can part with right now. This would be my second investment property. It is a 3 bedroom house, so I can rent it out for $1,500 per month.

I am frustrated that my only options is a bank. I am uneducated about how to approach other options. I know that hard money exists, and I know that there are portfolio lenders too. But these options seem far fetched to me. I am very familiar with peer-to-peer lending, but then what? I take my peer-to-peer loan to a bank? My other investment property I own outright, I paid all cash for it. So, I could get a refinance loan? My credit score is 740, but I feel that banks are still shy about investment properties.

How does one acquire $70k? it seems like a large mountain to climb for me, but I'm dedicated and motivated to climb up there.