Buying a property in Toledo Ohio for $26K

[Emmitt Adams]

Buying a two unit property in Toledo Ohio and it's 100% Occupied and I am paying cash...... how can I buy more properties using this property?  I am new to this, and I would like to buy more properties, can I refinance a property that cheap? just wanna know how to us this purchase to but more......

[Justin Sheley]

Do you have a definite reason you are paying with all cash? I am also a newbie investor with only 4 units, but if you can qualify for conventional loans you may be able to purchase 2 or 3 homes with your 26k and grow your cash flow faster. 20% down on a 40k property is only $8,000. You could get 3 property which may actually be nicer at 40k depending on what type of deals are in your area.

As far as refinancing a property that costs 26k I think it's going to depend on what is wrong with the property and if a bank feels comfortable financing it. However, I have yet to refinance a property so I would also love to hear from a more experienced investor what a bank may be looking for in this scenario.