Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. 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 5 years ago on . Most recent reply

User Stats

203
Posts
135
Votes
Ben Roberts
  • Rental Property Investor
  • Memphis, TN
135
Votes |
203
Posts

How do you finance a $22,000 rental in Memphis?

Ben Roberts
  • Rental Property Investor
  • Memphis, TN
Posted

I normally wholesale in Memphis, TN but I've come across a rental that I'd like to own. The property is currently rented for $660/mo, I can buy it for $22,000. It definitely needs some updating and the market rents are closer to $825. The ARV is in the mid $50's. I have a little bit of cash, certainly enough to cover the updates, closing costs, etc. But I don't have enough for the full purchase price. I doubt a traditional mortgage is going to work at this price point. Does anyone have any suggestions, references, recommendations?

Thanks in advance!

Most Popular Reply

User Stats

483
Posts
956
Votes
Clifford Paul
  • Rental Property Investor
956
Votes |
483
Posts
Clifford Paul
  • Rental Property Investor
Replied

0% percent credit card for 18 months.  That's how I built my first portfolio until my small bank started giving me a line of credit. 

Loading replies...