Starting Out - Renovation Advice

[Scott Vaeth]

Hi there,

I found a property in great condition that I'm planning to put an offer on. My plan was to hold it long term and convert a detached garage into living space (1-2 units) to rent out. The issue is that I don't have the funds to cover the conversion, even though I'd be doing the work myself. As a first time home buyer, I planned on putting down 5% for a conventional loan. Are my only options to fund the renovations; personal loan, private money, hard money, or a fha 203k? 

[Richard F.]

Aloha,

Be sure to check on requirements for occupancy and permitting, or it could become a costly first lesson.