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Updated over 5 years ago on . Most recent reply

User Stats

12
Posts
6
Votes
Jacob Greenhoe
  • Investor
  • Kansas City, MO
6
Votes |
12
Posts

Financing deals under 50K

Jacob Greenhoe
  • Investor
  • Kansas City, MO
Posted

Hi everyone.  My question is, how should I go about getting financing on such a small loan amount?  My situation is as follows:  I'll be working remotely in Lansing, MI for 2 months out of the year to help out family and renting the property out for the other months.  I grew up in Michigan and lived for a number of years in Lansing so I know the area, and I'm finding homes that I could work with (small 1-2 BR 1 BA) but the loan amounts I would need are so low I'm not sure what my options are.  In many cases the loan I would need may be somewhere in the range of 20-30K.  Is it realistic to be able to find a type of mortgage or loan with a term of 15-30 years with such a small amount?  I've looked at just using a personal loan but I was hoping to gain a long term length from what I was seeing on personal loans.  I'm a little lost and not a whole lot of experience so any advice is more than appreciated.  Thank you!

Most Popular Reply

User Stats

12
Posts
6
Votes
Jacob Greenhoe
  • Investor
  • Kansas City, MO
6
Votes |
12
Posts
Jacob Greenhoe
  • Investor
  • Kansas City, MO
Replied

@James Wise  Thank you for the help, James!!  I'll make sure look into those three lenders.

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