Triplex Creative Financing

[Chauncey Craig]

Hello everyone, i’m looking to purchase a triplex in Mississippi. Credit score is 740, 100k salary, and i’ve never purchased a home before. My goal is to live in the property and rent the other two units out via airbnb or to traveling nurses.

The property cost 85k and needs about 15-20k of work to bring it up to 2020 standards. I am looking for the best way to acquire this property. I have 5k for down payment. I’d appreciate any feedback on this, thanks.

[Paul Welden]

The FHA 203k can be a HUGE disaster when you don't have the right people helping you but it is super easy with the right people helping you, and the 2 most important being the lender and contractor.

Select a lender with verifiable 203k lending experience, because not only does the lender control the rules, they also need to know the different versions of the 203k, its rules, guidelines, paperwork, processes, procedures, etc., and the lender also is responsible for selecting the HUD approved FHA 203k Consultant.

Select a contractor with verifiable experience with the 203k, such as one with the accreditation as a Certified 203k Contractor and not one that says "Oh sure ... I can do that." There are unique timelines, paperwork, and compensation structure that the contractor needs to be aware of, experienced with and comfortable with. 

You're only as strong as your weakest link. So, select your partners wisely.