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Updated over 6 years ago,
Best loan to renovate house?
Hello everyone. I am new to real estate investing and bought a foreclosed historic house in Little Rock, AR five months ago with cash. The house needs a total renovation and fortunately qualifies for the state and federal tax credits (45% total) for the renovation. The purchase price was $36,000, and the contractor said it may cost close to $100,000 for the renovation. My question is what is the best type of loan for this situation? Has anyone had any experience taking advantage of tax credits for historic homes? Any advice will be greatly appreciated.