Obtaining rehab loan and mortgage for rental property

[David Menager]

Hi everyone!

I'm just about ready to start analysing deals and making offers on small multifamily properties in Fort Worth TX. I'm looking to buy my first property, but am low on cash. So low, in fact, that I'm considering obtaining financing for buying the property and financing for doing the rehab.

My plan is to live in one unit and rent the others, but I'm wondering if taking a rehab loan in addition to the mortgage makes sense. From what I read, rehab loans are typically for people who renovate then sell a property at market value, not for people who hold property long-term, like what I would like to do.

So, I appreciate your thoughts on this as well as any guidance you have on investing with other people's money to get started!

Thanks you so much!