Best way to obtain financing to fix a gutted home??

[Will Diaz]

A few months ago I bought an abandoned multi family property at a tax auction conducted by the city marshal. There was a redemption period of a few months which allows the owner to pay off the owed taxes and keep their property.

The house is completely gutted (all thats there is the frame, siding, and a roof) and needs just about everything done. Im talking all new plumbing, electrical, drywall, flooring, windows...etc.

I purchased it for about 1/5 of the price that a completely finished comp would go for, and i bought it cash.

My question is now that the city's redemption period is up and i am its new owner, i would like to obtain financing to renovate the house. What would be the best way to go about this? The goal of this property, a three family, is to be kept as a rental property.

Should i look for a personal loan even though the interest rate will be steep? Ive heard of the 203k loan but one if its requirements is that the property must be owner occupied.

Any help or advice would be much appreciated.