How to get funding for a Rural property? Ideas and tips please

[Brenda Sherman]

Hi  BP Family! 

I just got a Triplex in Arizona under contract with a monthly cashflow of $1,500 and rents haven't been raised in 3 years! I I got it under contract for only $122k, all the tenants are long term and want to stay, are going to month to month now ready to sign leases (know their rents need to be raised) and repairs are only $27,000. As a newer investor I really wanted to keep this CASH-COW for my portfolio but running into an issue...

I had a hard money lender all set up but we found out today that even though it's in a small town, the state is considering it Rural and my lender I had set up doesn't lend on that. I'd so appreciate any ideas or if that is not possible and one of you Multi Family Investors out there who are interested I may have to assign it to the first taker!

Thanks...

[Steve Vaughan]

I have some rural properties, residential and commercial.

Is there a bank there at all?  There are 2 banks in this town of 1200 and one has financed more than 1 for me.  Check with them if you have 25% to put down.

My town of 35000 30mins away has also financed my rural stuff.  Community banks in the area are probably your best bet. Sounds like a great find!