Trying to figure out my financing options

[Blake Stringer]

Hey everyone! My name is Blake and I am currently in the process of trying to land my first deal.

I’m trying to figure out a couple ways to finance my first brrrr. I have a way to raise the down payment but the rehab is the problem. My real estate agent has told me about the fha 203k loan, but I was wondering if I had any other options? I am going to try to put in as much sweat equity as I can but the rehab is looking to be around 50-60,000. The numbers are working even after rehab and I am desperate to land this as my first deal. I want to be as creative as I can and I have the people to help out with the rehab.

From my understanding, the fha 203k loan is looking to be a big mess and monotonous. Are there any private lenders willing to work with a newbie?

[Andrew Postell]

@Blake Stringer a couple of things here:

1. FHA loans are only for your primary homes - will this be your primary residence?
2. If this IS your primary residence many private lenders will not be able to lend to you since there are a lot more compliance pieces to fit into.
3. If this WILL NOT be your primary residence then you would need to consider another loan type entirely - which might be an easier process.

Feel free to post any other questions you may have here. I would highly encourage you to be prequalified of course...many loans like this will not allow "sweat equity" but some will.  Being prequalified will tell you what you can or cannot do based on the loan that you can receive.  

Hope all of this makes sense but feel free to post more if you need.  Thanks!