Rental Property Financing Question

[Maxwell Milholland]

Hey everybody! I was wondering what you all think about a situation that I keep running into. While searching the MLS, i keep running into properties that have been on the market for hundreds of days, sometimes up to a year. These are properties that would likely cash flow nicely and are in desireable areas. Only catch is the financing options listed for the properties say “cash only”. I can’t pay in cash. I likely will need a rehab loan of some sort to handle Reno costs. Does anybody have any experience with offering bank financing on properties like this? One of them is an REO. I would think the bank would just want to rid themselves of this property they’ve had for over 300 days, even if it means condidering a non-cash offer.Anybody have any thoughts on this?

[Minna Reid]

The properties are cash only because property condition is so poor they will not  qualify for most mortgage products. In this case only cash or some type of rehab loan product will work.