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Updated 11 months ago on . Most recent reply

Reuben Pena's profile image
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Reuben Pena
  • from Chicago, IL
  • Member since Jun 30, 2017
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Reuben Pena's profile image
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Reuben Pena
  • from Chicago, IL
  • Member since Jun 30, 2017
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Reuben Pena
  • Chicago, IL
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Private Lending & Conventional Mortgage Advice

What loan options do I have to rehab building violations?

Reuben Pena
  • Chicago, IL
Posted

Hello BP family,

I recently purchased a home with an FHA 203K loan. Rehab portion of the loan was to repair some interior work worth up to $65k. unfortunately 1 month after closing, I had one of the tenants that was getting evicted complain to the city and I ended up getting a bunch of building violations.

These violations are to fix porch, roof, and masonry work. bids that have received are totaling up to $150k.

I'm looking to see what options are recommended to finance that additional rehab work needed to clear violations. 

Chicago, Illinois
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Paul De Luca
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  • from Chicago, IL
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Paul De Luca
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  • from Chicago, IL
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  • Chicago, IL
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@Jonathan Klemm

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