I recently (3 months ago) purchased a SFR for re-habbing in Erie county, New York. The ARV is approximately, $45,000 - $50,000. The assessed value is $37,900. The property is in a good rental area and I would like to keep it as a rental. I have a tenant ready to go at $700.00 per month. However, I would like to get at least 75% of the ARV out of the property to continue investing in that area. I am self employed w/scores in the 700’s. I’m having a problem finding programs for this small amount as well as a stated program. Does anyone have any suggestions as to how I can proceed? Thanks in advance.
If those numbers are typical for property in your area, you may be able to get a 0% for 12 months credit card loan for the property.
I have had better luck with mortgage brokers than traditional lenders when I need non-traditional financing. My best options have always come from a recommendation from the local REIA.
how much did you purchase for?
how much in documented improvements?
do you have a loan on the properties or did you use all your own resources?
I used my own money. I purchased the property for $9,000 and I put another $5,000 in it.
One of the lenders that I know would work well for this is changing their guidelines next Monday. They are elliminating some of their programs but anything locked in before that would still be grandfathered in.
Square footage needs to be over 700.