First time home buyer looking to house hack first home.

[Joel Di Piazza]

Hello, 

I am in Clearwater Florida using my 401k ($25,000.00) as a down payment for my first home purchase of a multi-family or a single family with a in law suite. That I intend to of course live in one and rent the other. 

My question as it pertains to the mortgage is, can funds to rehab the purchase property be rolled into the mortgage? Or how can you be creative in to accomplish this or something similar?

Thank you, 

Joel Di Piazza

[Nicholas L.]

@Joel Di Piazza

100% financing makes me nervous

you won't like the following - but what if you wait and save up a little more so you don't have to borrow the DP from yourself?

[Joel Di Piazza]

@Nicholas L.

I learned a long time ago that asking questions have a risk of not liking the answers.

I am currently still saving more money. I unfortunately have to be out of my current location by the end of the year. I do not have to be 100% financed. It is my nature to hope for the best but plan for the worst. 

[Adam Bartomeo]

Yes, there are ways to get a construction loan rolled into the mortgage. I am not an expert with this but I believe FHA has a 401b loan that allows you to borrow and fix up the property. Some of the lenders on BP will know way better.

[Brayden Hrycko]

Hey @Joel Di Piazza,

You may want to start slow and just FHA into your first multi and slowly fix it up. However, I would be happy to connect and go over some of the other options with you. I also know the clearwater and St. Pete area pretty well as I use to live there! Happy to connect!

[Austin Fowler]

If you have a trusting relationship with your friends and family you can also use their capital while providing them with a return to move forward with real estate purchases. Every property I've ever bought was funded in this manner.