Conventional lending for out of state investor in Memphis TN

[Abdul Azeez]

Folks - I need your help on something. When exploring buying through an agent in Memphis TN, i am running into the following challenge. One of the lenders I talked to said the property has to be in a good condition for them to lend including proper functioning of all major equipment, no holes in carpet, no broken windows etc. If I intend to buy a property from an agent, the intent is to buy a good deal and spend some money on rehabbing before renting out. How do I do this if the lender won't close? What are others doing in this scenario?

[David Hutson]

Abdul,

You'll need to find private money initially, get the home fixed up and then go back later for a conventional loan.  Look for private money from friends or family initially.  From their you may need to look for a hard money lender.  If it were that easy to get loans for homes that won't pass inspections I'm sure many more people would be doing it.

I'm sure you'll get many responses but if you don't get anything that suits what you are looking for give me a call again.

David