Low Mortgage Financing (Under 35k)

[Phillip Tomasso]

Hey BP'ers!

So this is my first "real" post...and that's because i'm working on my first deal! I'm super excited. However I hit a bump. I'm having issues finding a bank that will let me finance my deal. I have 20% to put down but not enough to purchase outright. 

So which path do I travel down? 

-Find a more expensive deal

-Take out 20k more for repairs (Houses only sell for 55k max in that area) 

- Keep trying banks (Does anyone know of any that would finance?)

- Wait and save more money to make a better deal? 

[Tom S.]

@Phillip Tomasso Like Dennis mentioned above, local credit unions / banks might work. Also other options like a HELOC on your primary home or rental properties. Or even a cross collateral / blanket loan across multiple properties with small amount of equity in each. I did that once with three rentals, for a $50k loan.

Good luck!

- Tom