Financing tips for first time buyer

[Benjamin Mensah]

I am a college looking to buy a triplex for rental, 8 beds 3 baths. I have about 30k saved up; enough to purchase the house in cash. But it needs major renovation, about $50-60k on the renovation. I am also a licensed contractor in NYC but due to school, my income is not consistent as required from the banks and lenders. Can anyone share ideas and thoughts on ways of acquiring a loan for the renovations?

[Benjamin Mensah]

Thanks for the info Jaron. I'll definitly look into it more.

I am currently in the market for a multifamily home for renting. I went and checked up on the house today and it looks fairly okay. But it does look like it will need major renovations (New roof, new floors, drywall, electrical, plumbing.) The back siding of the house seems to be coming off and will need to be replaced. It's a total gut and renovate.

I would go for it however, after scooping out the neighborhood and speaking with some neighbors about the neighborhood and its functions. It's not a property worth investing due to the amount that will be spent to renovate it and the general income of the area.


Originally posted by @Jaron Walling:

There are plenty of ways to find money if you have a good deal. Private, hard money, or partner with another investors. If you have any assets you could use them as collateral on the loan. 

What market are you in? Can you go into detail about "major renovation"?