Information on LOAN+ REHAB (just looking for the process)
My partners and I already have 2 Buy and hold properties in OH. We are thinking about buying a triplex which needs a FULL REHAB. The cost of the property is 18k.
As far as getting a loan to buy and rehab the property, what are the proper steps in trying to get this idea off the ground. I know we need a rehab loan and we will probably buy the property cash. Is there another way to where there is NO MONEY out of pocket and a LOAN can cover the entire project?
I really want to figure out the procedure and logistics of the loan repayment and what to expect and things of that nature. If anyone could help with information, that would be great, Im not looking to sign any deals or work with any just yet. I just want to be well informed first. What red flags that can pop up and what potential mistakes to avoid. Thanks!