BRRR Financing for Beginners

[Luke Reid]

I am just getting started in Statesville,NC and my question is, will banks lend primarily a FHA loan on a property that needs work? I am trying to do the BRRR method. I have not raised any private capital because i have enough for a down payment and rehab if i can get an FHA loan. I currently do not have an FHA in my name and my credit is right at 700 and building (im only 20 lol) Bigger Pockets has helped me a lot so far with learning everything and now i am trying to take action with what i know. Thank you all for your help in advance!

[Corby Goade]

Sure they will, but you have to live there for FHA, which could be a great tool. If it needs lots of work, you need to look in to a 203K- basically an FHA with rehab expenses rolled in.