Loans for investment

[Jose Purse]

I would like to purchase a property for long term rental in 35k but I only have 10k.  My Debt to income ratio is more than 49%.  In Puerto Rico there are not much financial products available.  Any recomendations? I visit a credit union and they Can help me with another 10k personal loan

[Kathryn Morea]

Jose,

I would suggest you look for a partner to go in on you in that deal.  You can also look to your family and friends for a loan.  You can even make a purchase with a loan from a friend or partner and have that loan drafted into the deed as a mortgage (more complex and costly than in mainland but still possible) and providing protection/collateral for your lender.  Many banks, even in the mainland, won't lend on properties under 100K, it's too small for them.  I know other investors in the group that like small deals like this, if you are in the San Juan area, you are welcome to come to a meeting.