Rental loans 4 less than 100k?

[Rashid Richey]

I’m a new investor. I have about 100k to invest. I want to use the funds to buy as many cash flowing rentals as possible. I haven’t been able find lenders who will lend for under 100k purchase price. Is there such a lender? I’m trying not to go the hard money route.

[Andrew Postell]

@Rashid Richey good suggestions above and you can also try posting in the state forum you need this loan in too.  Bigger Pockets has some great state forums and usually there are good locals that monitor those.  Make sure when you speak to lenders to ask them some specific questions that us investors need:

Questions for Lenders

1. When do you start using rental income to help me qualify? (the answer needs to be immediately)
2. When do you start using “After Repair Value” on my property? (also should be immediately)
3. How long do you need me to be on title to refinance? (this is important if you do need a short term loan to purchase then refinance out - and the answer should be 1 day...very important that it is 1 day on title is all that is needed to refinance)
4. What is my minimum down payment required? (if they only require 15% down on a single family home that is usually a good sign that you are working with a flexible lender)
5. How many loans can I have with you?
6. Can I change title to my LLC?
7. Do you sell your mortgages?
8. What is your loan minimum?
9. Can you explain to me what your reserve requirements are?