What Would the Best Loan Be for a 25k property?

[Porsche Thompson]

Hey BP, I was interested in getting my foot in the door with a small SFH in the Fayetteville area (NC). The property is about 25k and I have very little money down, about 3% saved up so far. Is it possible to finance the rest of the amount? I know cash buyers usually snap these type of properties up but is there a good loan for something like this? I plan to use it as a rental property right out the gate and hold it for a bit. How would you go about securing a loan for this amount?

[Alexander Felice]

I think a personal loan may work if you find a bank with loose requirements, but I believe it will be tricky. Also that's a lot of cash to borrow at ~10% too.

Private money would be better

Also, what 25k property are you going to buy that needs no rehab? I'm skeptical you'll find one in Fayetteville, make sure you know how to finance rehab as well.

In the meantime, save money like your future depends on it (and it just may). Cash gives you massive leverage.