Need help with a Rehab loan
I need help finding a Rehab loan or something creative if anyone has any ideas.
The home is in Alaska. It's a 4plex - one unit is a triplex with another small single unit sitting on the same parcel of land. Rents in the past were good coming in at over $4100 a month. It is foreclosed and held by the VA so they're accepting cash or traditional loans, unfortunately no Vendee financing is available given the current market. It needs a rehab loan because the plumbing in the triplex doesn't hold pressure. The smaller unit doesn't have heat now, completely frozen too, but I guess doesn't need to be a part of the loan consideration? Just fixing the triplex up and collecting rent there would be plenty over mortgage while repairing the single unit. The rehab loan I'm currently being offered is conventional at 25% down. I would not be occupying any units. Investment only. Does anyone know of a loan product with less down than this?
Thanks!
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@Mark Huneycutt shoot me a dm and I'll put in touch with a lender that can help you. I've got regular lenders and hard money lenders if needed. I'd also like to help you confirm your numbers real quick too if you'd like. Lot's of deals are pretty tight here and I see larger margins in other markets. Most properties are old here and, although they are rentals, they need pretty comprehensive rehabs. Foreclosed multi-families are rare in comparison to SFH's so I'm sending you a virtual high-five on finding one and planning on keeping it. Just want to help make sure I share my experiences as an Alaska investor with you since you're so far away. The only VA foreclosure 4-plex on market looks to be a good deal but is in an area I wouldn't buy in to hold property and is still at least 20% overpriced IMO. Cheers! :)