Moving to Sarasota County

[Julian Perez]

So I have been looking at homes in Sarasota County for the last few months. For what we are looking for I have come across some New Construction homes in North Port, FL that have 4/2, garage, are over 2,000 sq ft and under $300k. Aside from this criteria we wanted to be in Sarasota County for the school district. 

With all that being said I understand hard money to for the BRRRR strategy but would a loan such as 203k work as well since I will be the end user or is it limited to what you can do with these kinds of loans? I guess my question is if there is a conventional loan that would allow me the purchase a fixer upper with a lower down payment?

[Joshua Parr]

You mentioned the FHA 203k already and from what you're telling me, that sounds like the perfect fit (if this property is for you personally. You didn't say but you mentioned the schools so I'm assuming it's for your family). You can do 3.5% down and they will loan on the rehab portion as well. The 203k is originally for owner occupants. From what I've heard lately, some lenders are even doing them for investors now as well.

You could go conventional but you cannot borrow for the rehab portion too unless they package in an equity line/loan as a 2nd mortgage but I wouldn't recommend that. My first property I purchased was on a conventional loan with 5% down and it was a fixer upper so it's definitely doable. However, the 203k is a great opportunity to have little money out of pocket on both the purchase and rehab. Hope that helps, best of luck!