What the best way to Funance a 45k Duplex..??

[Rudy Sant]

Hi BP folks ...I am having a hard time finding financing for something less than 50K. I now there are properties for 45K..that if I offer asking price...when deducting down payment..either conventional or FHA, The loan amount is lesser than the minimum the lender is willing to lend me..

I found markets in the USA where this is possible and those markets fit my risk appetite..I am ready to deploy..I find a bid absurd having to offer 7k -8k above asking price unnecessary only to be able to get a loan for $50k ..I am willing to do it..I have asked sellers to juts do couple upgrades or put some appliances but seller doesn't want to..I had asked my lender to also get me money for rehab the 45 k.property to incr3ase loan amount but lender taking his time to respond I want to close this property ASAP..any season investor ideas 💡??

[Edwin Epperson]

@Rudy Sant maybe working with a local (Florida) private lender could help?  I regularly help investors in the smaller range, but only for a short-term loan.  After the property has been renovated it should definitely come in for above $75,000 which is the typical minimum requirement for long-term financing.  Happy to discuss this with you if you ever want to chat.  Best wishes and much success!