It all depends on the area and inventory.

However, such a small price, your loan amount may be below a bank's minimum loan amount, so better call and ensure you can get the money before you contract, and/or make your contract subject to financing with your down payment.If this is a rental, you might ask the seller to finance this, since the loan amount might be hard to finance conventionally, that means he may need to finance or wait for a cash buyer.

If you can refinance with a conventional loan, it will trump the LoCKevin

I'm due to touch base with my broker next week to figure out more about whats out there but thought the wiser heads on here could give me some insight before I talk to him.I purchased a quadplex at the beginning of November via conventional 30 year loan.

Still have the list of leads.As for MLS, yes it will be more useful as inventory starts to grow again.

Couldn't figure the cap rate on comps as they were all n/a.Regarding financing, we're considering using hard money for 18 months and refinancing the property conventionally to pay off the hard money loan.

Look at vacancy rate and months of inventory for sale of homes and townhomes in the area.If your exit strategy could possibly include selling the property, I wouldn't want to be close to having to make a balloon payment and be unable to find a buyer at a good price.Good luck.Larry

Then again where else can you get 10:1 leverage from a conventional source (with out seller financing to aid)?

You could have flawless credit 850 fico and 90% down payment but if your DTI is off you will not get a loan with conventional financing.

If there are developers, some may build with a down payment and allow you to close with a conventional mortgage.