Mortgages that cover repairs when you don't live in the home.

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Mortgages that cover repairs when you don't live in the home.

Andrew Giancola
Real Estate Agent · Palm Harbor, FL · Member since 2015 · 11 posts · 4 votes
Hey guys, I'm looking at a duplex that's in a great area but needs some work. I've estimated that the repairs would be about $15,000 and will still Cashflow after repair. The ARV will also be much higher once the repairs are made. Is there any loan that will cover the cost of repairs? I know the FHA 203(k) will cover repairs but I don't plan on living in the home. Is there any other mortgages that cover repair expenses but don't require you to live in the home?
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  • Jassem A.
    Investor · PA · Member since 2013 · 1k+ posts · 602 votes
    11y

    it's unlikely, best bet might be leveraging equity from another property or find a partner or hard/private money lender

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  • Prag Patel
    Investor · Atlanta, GA · Member since 2014 · 41 posts · 20 votes
    11y

    So I'm assuming you're looking to finance just the cost of repairing the duplex, not at acquisition. $15K seems small enough to where you could purchase it with a 0% intro credit card. And if you don't qualify, there is always P2P lenders, and/or personal loans with a bank.

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