Financing Options for Buying a Home that needs renovation?

[Andy Martin]

Hello Everyone,

I am pretty new to the site, but have been lurking every now and then for the past few months.

I am in the process of purchasing my first home. I am currently renting, but am ready to own my first property because I am tired of paying someone else's mortgage and not my own. I am 27, single and  live in Atlanta, Ga. I plan on renting a few rooms to my friends to help pay for the mortgage and to allow me to save up to purchase another property as soon as possible because I know that I want to get into the buy and hold real estate business. 

The area I am looking at has a lot of vacant homes that need a lot of work done. Some are cosmetic repairs, some are complete gut jobs to make them livable.  I only have enough capital to use for the down payment and would not have any left over for the renovation. 

My question is, What are some of my options for financing a home that is not immediately livable? or one that only needs cosmetic work?

I have some experience with renovations as I used to help my father do some minor renovation work, but I have no experience with major renovations. I am also a licensed architect so I am very familiar with the construction industry and what all goes into the construction of a home. However, I don't want to get in over my head on my very first purchase, especially since this will be my home first and foremost, and an investment property second.

Any information or advice would be greatly appreciated.

I look forward to diving in to the real estate world with everyone of the bigger pockets world!

Cheers,

Andy M.