Starting out Time to make a change! People in CT would be great

[Chris Agun]

Hello all My name is Chris I'm 24 I have a great full time job in law enforcement.  Real estate has alway peaked my interest and I have really been trying to find my niche.  I don't have huge capital to start with but I was hoping this could give me an idea on where to go.  My market is going to be Connecticut and I've been researching the following:

Rehab and flip
Buying a Multi or condo and renting out

What I have learned so far
I could get a FHA 203k loan to fund the project and either flip the rehab or rent out and hopefully not pay outta pocket for the house expenses.

What are the requirements for the 203k from your experiences? Ive found different lenders to shop around with and I expect the 3.5 down.

Say I get approved what else am I going to be paying out of pocket?

How do I find a good real estate Attorney? 

[Kim Giannola]

@Chris Agun Yes just talk to a broker, they will have all the details for you.  I suggest finding one that is familiar with the 203k process.  Mine did alright but there were a lot of bumps along the way because he had never done one before, however I know there are lenders that specialize.

If things haven't changed since that time, I believe there are different types of loans where there are rehab cost limits.  I think with the 3.5% down the limit was $30k, but if you put down 20% you can borrow more. 

Another thing to consider in CT is the Connecticut Housing Investment Fund (CHIF).  They give 3% interest loans on energy efficiency improvements like doors, windows, insulation, furnaces, hot water heaters, etc.