I just signed on 2 deals in Pittsburgh, PA.

Deal 1:
Cost: 24,500
Value: 70,000
fixup: 3-5K
rental: 600 per month

Deal 2:
Cost: 14,500
Value: 50,000
fixup: 2-3K
rental: 550 per month

My problem has been finding a lender who will do loan/line of credit for an investment property under 50K.

Deal in works
Deal 1:
cost: 12,000
market: 60K
fixup: 3K
rental: 550 per month
neighbor to deal 2 above

My agent in Pittsburgh said the bank will accept my offer in June.

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Michael C. Glass
REMAX Select Properties
Licensed to Practice Real Estate in Virginia
20 Pidgeon Hill Drive, Suite 201
Sterling, VA 20165
703-444-5900 (O)
703-723-2379 (D)
703-444-5921 (F)
http://www.moveupwithmike.com

Tell Me and I'll Forget
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Being able to Interpret and Manipulate Knowledge is Power!

A lot of brokers/lenders don't like doing loans that low, I got the same problem right now.

Try checking with a local bank or credit union. They usually have a little more flexibilty than someone like Bank of America.

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Wes Murphree
Investment Realty
http://www.SCInvestmentRealty.com
http://www.3NetLease.com
http://www.MultifamilyListings.com

Another idea since you have a good bit of equity in the other 2 you are buying is borrow more than your purchase price and repairs, and pay cash for the 3rd.

If they won't let you pull out that much money, you shouldn't have a problem doing it on a refinance, and still stay under 80% ltv to avoid pmi.

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Wes Murphree
Investment Realty
http://www.SCInvestmentRealty.com
http://www.3NetLease.com
http://www.MultifamilyListings.com