Lost with Financing

[Emmanuel Oyana]

Good Evening BP, 

As the title says I am a little lost with this what my next steps would be here, a little back story, I have been looking to get into long term rental properties and the financing has always been the issue. My market in Philadelphia brings properties like the one below, which I believe would be a no brainer. (ex small to sometimes no work to get to rent ready, and per section 8 rent would be around 1600 in the areas I'm looking) the issue I run into is how do I locate the financing. I have access to 30k in a HELOC, but have been unsuccessful in finding financing which makes me believe I'm looking in the wrong places. Banks won't lend without a higher all in amount, and hard money often says the project is too small? is there something I'm doing wrong, or is there a different way I should be pitching this type of project. Pointing me in the right direction would be all I need. Thanks in advance.

https://www.redfin.com/PA/Phil...

The example property is listed at 120k, with fully rehabbed properties going for around 150-160k, 

would need maybe 20-30k of work, 

and would rent for 1600 a month.

property taxes are around 1500

[Emmanuel Oyana]

Quote from @Rich O'Neill:

Agreed. If you are trying to BRRRR the deal, then it won't work with these numbers, but if you can leave some cash in the deals, @Jimmy Lynn has access to lenders that will do 75% LTV. It is however getting harder to get these loans in this market. Non-QM loans (what these deals often are financed with) are drying up since they are seen as risky. Always worth a conversation though.

 Thanks, I'll reach out and see if there are any deals that he and I can work on. I see a few of these type of deals in my market, I may just need to look closer to get the exact numbers right as one reply said earlier or plan to leave a little cash behind. I'm expecting if the deal cash flows it will all work out in the end.