Rental Property Investor · Akron, OH · Member since 2017 · 70 posts · 17 votes
I am currently in the process of attempting to rehab a inherited property, and my goal is to find a bank whom will provide a loan to do so. I have been hitting brick walls as of late because I haven't found any banks that will offer loans on investment properties so I have decided to ask the BP community for your help! Please help!
John
Investor · Columbus, OH · Member since 2015 · 142 posts · 52 votes
9y
John Morgan typically banks will work with you on any kind of real estate investment. But if it's your first time buying a property you may need to think outside the box depending on your current financial situation for example if you have cash in which you could buy outright or if you have the ability to leverage and use a loan program through a state funded loan. You have many options on which you can go. You didn't list very much information as to why your having trouble so it's hard to say what's causing the banks to reject you.
Commercial Real Estate Broker · Greater Atlanta Area, GA · Member since 2017 · 19 posts · 4 votes
9y
@johnmorgan hey banks typically do not do rehab properties because the conventional lenders are trained to focus on the current value. I would love to assist with this property. If you can email me the estimate cost of repairs, the ARV. Most importantly what do you plan to do with the property?Whether you have experience or not I can secure funding for you.
Rental Property Investor · Akron, OH · Member since 2017 · 70 posts · 17 votes
9y
Justin Frye
The property is a inheritance that I am attempting to rehab and rent it out. The banks haven given me a hard time due to stating they don't do loans for investment properties