FHA 203(k) loan

Financing, Hard Money Lenders, Private Money
1

hi everyone,
I have been reading and reading and learning all i can about REI and I am going to do a rehab (I HOPE :o) But I would like to know if anyone here has ever used this kind of loan for a rehab??. and if so what are the good and bad things that come with it??.

The property im going to be doing a rehab on will be a TOTAL REHAB the
asking price is $38,000 and doing some research the property would be worth about I would say 75 to 80,000 (not appraised)…

Also,when doing a TOTAL REHAB would you use a contractor for 100% of the job??

TOTAL REHAB = no electricity bring flash light use EXTREME CAUTION INSIDE HOUSE :o
this old house does have a new roof…
i’m so excited to be working on my FIRST DEAL!!!

2

The 203K loan is for owner occupants ONLY. Before you close you will have to have contracts with the general all lined up. The interest rate is usually a little higher than you can get otherwise.

3

I don’t plane to ocuppy the property but place it back on the market after the foundation is replaced…What other loans are available for this kind of deal??
Thanks for the response