302k property and funds designated for repairs

[Michael Norris]

In brainstorming about purchasing a 302k property, how much out of the gate should be budgeted for repairs? I would still budget in 10% for capital expenditures, but for this question I am only interested in repairs for the first couple of years.

I am in the market for a multi-family house around $150k -$200k. I understand that 320k/ FHA loans can be powerful in renovating a house. If a standard 302k/ FHA loan takes care of all the major renovations in the house, will there be any repairs in the first couple of years?

I understand this is hypothetical, I am just thinking about the process in a logical way. 

[Wayne Brooks]

FHA 203k. Absolutely no way to guess. Depends on if you're replacing all the major systems, extent of the rehab, age of roof, construction of house, etc., etc.