Sub $50k mortgages?

[Eric Neeb]

Hey guys,

I'm looking at purchasing a small 855 square foot 2BR house for $20,000 that needs about another $15,000-20,000 put into it in improvements.  Once rehab is complete I'll want to finance the property to pull out my cash.  Being that it will be below $50,000 (or at 50 if I can pull extra cash out :) ), will a bank finance this property?  I'm not very experienced in this space and would love to do more of these low dollar rentals in the future.  Any help would be greatly appreciated.

Eric

[Scott Schultz]

Never deal with big banks, they dont know how to deal with small stuff, only Small Local Banks, even some Regionals are not great, Check Bankrate.com and look at what banks are the best capitalized, in your local market,  if the bank is strong, they will be conservative, but they are also the most flexable, because the Feds are not breating down theur neck. set up a Meeting with the commercial lender, show them what you are working on, what you have done, and have 3 years of taxes with you, so they see you are prepared for the meeting. Good Luck!