Construction loan vs FHA 203k on a flip

[Marko Bukva]

Hi,

I'm looking to buy a 3 unit property in NYC and to do a full gut, also there's a potential for another 1000sq to be added to the property 

and that's why i'm interested in this deal. I've never done this before so i know it's pretty crazy of me doing it in NYC for as my first but hey..

Of course i'll be having a very experienced GC to do the work and also maybe as investor.

I'm planning to purchase the property with 10% down as primary and was wondering what would be the next step regarding construction or FHA 203k

Has anyone done a flip with a construction or FHA 203k loan and whats the experience?

Also any experience, advice is highly appreciated!!

Thank You 

[Ecaterina Katerina Morosan]

Go big or go home! :D NYC is a great market. Just make sure you work with a team of agent/lender/attorney who have done this already. It's all about numbers at the end of the day regardless of the market. Happy to share my 203k contacts if needed. Good luck!