No Money Down BRRRR?

[Shane Welch]

With enough for either a down patmore, or renovations but not both. Would BRRRing either with a VA loan or FHA loan work?

On the other hand, what about a FHA 401k? The loan that adds in the renovation cost.

Are either of these options okay to go with to BRRRR? Is one better than another? I understand that they are not preferred, but I have to work with what I got. And no saving another 20-30k is not an option anytime soon.

[Andrew Powers]

VA or FHA could work but just would need to consider the extra costs of double closing (when buying and then at refinance).

Do you mean 203k construction loan?

If FHA or VA often times if the house needs lots of work, which probably does if doing brrrrr, then it probably would not pass loan requirements. If you dont know the rules, look them up and you'll see the strict house requirements ie no chipping paint on the walls, etc.

Some other options are private money, hard money. I recommend looking at the ultimate beginners guide to rei from BP and it has a section on financing deals.