Funding during the pandemic

[Todd Van Etten]

Investment Info:

Single-family residence buy & hold investment in Elyria.

Purchase price: $89,000
Cash invested: $23,000

Single family residence, 3 bed, 1 bath with a detached 1 car garage. Renovated kitchen by previous investor.

How did you finance this deal?

20% down, 30 year fixed.

Lessons learned? Challenges?

That it's very difficult to get funding approved during the pandemic. Over three months in escrow while the underwriters kept checking my paystubs and bank statements up to the very end to make sure I was still working under the threat of the pandemic.