1st investment issues! Need some insight.

[Gerard Scranton]

Hello BP Fam!

I'm currently under contract with my first investment property. It's a 2/1, 1596sq ft, .88 acre. It has a 1200 sq ft. detached garage with electrical and HVAC already installed. Future plans is to convert to 2 studio apts. The home is in need of serious repair. Leveling and some floor joist replacement. A huge hole in the floor. In addition to other minor repairs. I would also like to add a Main bedroom with bath. Bumping it to 3/2.

I got this deal off market from a local realtor. $125K, 20% down Conventional loan. I also have a Hard Money lender. Unfortunately, I'm awaiting estimates from contractors that are not responding in a timely manner with estimates. I honestly feel trapped. Stuck and don't know what to do. So, I asked my conventional loan officer if I could just purchase the house. Response was that they will not loan on a non-livable home.

Is this a show stopper? Has anyone dealt with this? Are there any other lenders that would? I don't want to lose this amazing opportunity.

I'm totally open to suggestions. My closing date is July 5th. With no estimates for the Hard Money, unresponsive contractors, and unable to purchase due to current conditions.

Thanks BP Fam!