Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 7 years ago, 06/27/2017

User Stats

34
Posts
15
Votes
Anthony To
  • San Diego, CA
15
Votes |
34
Posts

Best place to get a small loan? Recommendations?

Anthony To
  • San Diego, CA
Posted

Hi BP community,

I am on my way to purchasing my first property. I'm currently doing my market research and due diligence and I have a question about financing. 

I'm considering by starting with a turnkey property in the 60-70k range to get my feet wet. I have enough money to make a cash purchase. However, is that the best use of my money? Ideally, I'd like to put down 15% and use a loan for the remaining amount so I can leverage my money and use the rest of my cash to repeat this process. I'd love to end up with 3-4 properties. Where can I find a lender that is willing to give out such a small loan to an investor like myself? At a 60k purchase price with 15% down, we are talking a roughly 50k loan. Will a conventional lender do that? If not, who will? Does anyone have any experience with getting a small loan for an investment property like this? If so, I'd love to talk to whoever you worked with.

Thank you in advance.

Anthony

Loading replies...