Updated over 4 years ago on . Most recent reply
Multi-Family Rehab Creative Financing
Hi, I am new to real estate and I am looking to buy my first property that I discovered in my local area. It is a duplex that needs about 100k of rehab work and I can buy it for 120-130k. My question is that I want to take advantage of all the low down payments and down payment assistance that I can. I was told that an FHA Rehab loan is complicated and tricky. I am also able to get a loan for 5% down with no PMI for the purchase of the property. This is interesting to me but I am currently thinking over the best option to get the finances needed to rehab the property. One thought I had was to get a hard money loan from a local investor and pay them back 10% interest over a year and refinance to pay them back. However, I am a little confused on that process as like I said before I've never done this so I am learning as I go.
Does anyone have any tips on how to finance a deal like this?