Delayed financing on cheap properties

[Jim Dineen]

Hello BP! I'm looking at a deal currently that I'd like to purchase cash and immediately pull money out with delayed financing. Purchase price of $40,000. Not interested in fixing and seasoning for a cash out of ARV, just want to buy cash and immediately refi out. More interested in securing the property first and taking my time with the rehab, etc. I know lots of you fine folks have experience with this but is that purchase price too low for any lenders to consider financing? I'd ask my broker but we're in underwriting for another property set to close next week and if you sneeze they want an explanation... Thanks!