All Forum Posts by: Khalilah Craddock

@Michael Glist thank you for your suggestions and offering to answer any more questions I may have. What type of lender will do investment property loans that are based on the properties ability to generate enough rental income? Is it private lenders or hard money lenders? 

@evanpolaski @Ondrej Brown ,thank you so much for answering my questions. we spoke with 2 lenders. The first lender my sister was pre-approved for an FHA but my mother was the co-borrower. However my mother decided to pull out because she wants to buy another house in two years and she already owns a home. So my sister tried to get pre-approved on her own with another lender but her income was not sufficient for a FHA loan or conventional loan. The 2nd lender also stated that they can not approve anything under $100k.

I lost my job due to covid so I can not co-borrow with my sister. But I have the cash to gift her for the down payment and closing cost.  

My sister and I are trying to get into real estate investment. My sister was going to put the loan in her name and we were putting in both our money for the downpmt and closing cost. However she could not qualify for a loan over $100k due to her income and the bank would not give out loans less than $100k. 

We found a single family home we wanted to purchase for $60k, as traditional or short-term rental property, since it's less than $100k we could not get the mortgage. Should we try to get a hard money loan? What are our options?