Updated about 7 years ago on . Most recent reply
Financing The First Deal
Hi Bigger Pockets Community,
I'm just starting out and I think I may have found my first deal that I'm planning on buying and holding. It is sort of a fixer upper though. It's a home built in 1945 in Minnesota. I'm looking for financing options and I'd like to see what people think as far as what path I should take.
The home is a SFR for $50k and I'm estimating that my renovation costs will be $30k. If I can pull off those numbers I should be able to cash flow quite comfortably and have a nice cash on cash ROI.
I'm trying to swing a deal where my out of pocket cash is no more than $3000 and if it's even possible to go any lower.
Any suggestions would be greatly appreciated. Thanks!
Most Popular Reply
not really possible unless you do an FHA 203k but it would have to be owner occupied. Even most HMLs will want you to have some money down