Financing options for $50k Property

[Landon Moore]

Hey BP,

I am looking at a single family home with a listing price of $54,000.00. I have the finances capable of providing a traditional 20% down payment, however, as I have learned it is very difficult to find financing for a property that is that low in value. I am not currently capable of paying cash for the property. 

I estimate the ARV to be $70,000.00. If I could pay "cash" for the property and refinance after using delayed financing to get some of my money back, however, I would be leaving a bit more money in the deal than originally planned.

Looking for tips / suggestions. 

[Sean McDonnell]

Find a lender/bank that will give you a portfolio loan. That is a type of loan that they hold onto and do not sell on the secondary mortgage market. 

We purchased a property in 2016 for 51,000. I had to call 10-12 banks to finally find one who would lend on it. We had to put down 30% initially but the numbers still worked and it was worth it.