Having trouble with financing an Investment property

[Leroy Wallace Jr]

Hi All,

I am currently in the process of trying to make my first real estate deal.  I am looking to buy and hold a single family home in Maine with 6 bedrooms.  Conservitively it should cash flow about $600/month.  

However, I am having trouble getting financing since the loan amount would be under $100k.  The owner passed away and his children are now trying to sell it.  The ask price is $110k but the owners are willing to work on that based off of work needed.  I am a plumber by trade (work as a plumbing engineer) and I have walked through the house and it doesn't appear to need much work at all.  I have about $10k I could put towards a down payment.  

Do you think that this would be a good place to try to do seller financing?  Any other ideas?

Thank you!

Leroy

[Ryan Murdock]

Most lenders will do loans as low as $50k. If your lender is not willing to go lower than $100k you may want to shop around. Regardless, if owner financing is an option that may be preferable to any bank loan.