FHA Construction Loans( bay area)

[Tomas Engalla]

HEY BP !

I need you're guys help. I am still very new to the real estate game. I just closed on a duplex out of state in Indianapolis which cash flows beautifully, but I am hungry for more. I do plan on buying more in Indy but right now I been focused on something in my area would love to get help. The rent to price ratio here is just crazy. I discovered I can do an FHA 203 k loan but distressed properties here still sell for 600k+ I do see land that sells for 150K and up and found out about a FHA construction loan which sounds very appealing since you would only need 3.5% down ...but i cant find anyone who does them. I am hoping you guys can lead me in the right direction. I would plan on building a 4-Plex and I would live in one the units of course.

SO to clarify: FHA loan that would purchase the land and pay for construction cost in one mortgage.

Let me know what you guys think and always thank you for the Knowledge!