Pre-approved on a 30-year fixed for my 2nd investment property- do I have a chance against investors with cash?

[Reed W.]

Right now I am looking into my second investment property.

Ideally, I wanted to obtain an investor loan with a low rate as I know buyers prefer cash.

Unfortunately, it didn't look like I would be able to obtain financing through this route- I'm only 26 and while I have great credit, I don't have quite enough. So I obtained approval for another 30 year fixed.

Deals are really hard to come by these days, especially in Denver. So, do I stand a chance on getting a good deal with a 30-year? Should I re-group and look into other ways of obtaining financing?

[Mike H.]

Try HUD deals. They don't give any preferential treatment for cash vs financing. Biggest number wins. :-)