Financing for Properties under 100K

[Jessica Piff]

So I'm working on creative financing ideas to start acquiring properties without the ability to get conventional financing. The thing is all of the properties I want are under 100K. They aren't BRR's either. Pretty turn key with maybe the need for some new paint. I've called a bunch of CU's but they all require the same as conventional financing (2 years of business tax returns.) I've reached out to a few HML since they don't require the tax returns but haven't found one yet that will loan on properties <100k. Is there something I'm missing? Or do I just have to keep calling until I find the needle in the haystack? I'm so hungry to buy the good deals I'm finding, but just need financing. We have the capital for down payments, its just the other 80% we need to secure to start making offers!

[Jaspreet Baveja]

Hey @Jessica Piff, sorry to hear of your woes. I would HIGHLY suggest finding either Private Lenders, or financing partners who Know Like & Trust you to give you the money for these deals. Once you have a few under your belt, your local CUs will likely be happy to do a Portfolio Loan and refinance most of the money back out to you /investors/ lenders. I’ve funded deals as low as $13k for people before, so, not just speaking theoretical here. These mythical Private Money Lenders exist everywhere, and our goal (at least mine) is to help fill the gaps where neither conventional nor HMLs want to operate! Wish you the best!