Stillman Valley, IL · Member since 2016 · 11 posts · 2 votes
Thank you all in advance, I am looking to get started in purchasing some rentals in my area. Ive been watching the videos and I think I have a couple of great possible first buys. The catch is on both is they need new roofs. both are in great need of repair, the estimates Ive gotten back are in the 20 K range. My question is, what is the best way to finance this? I have the money for the down payment of current price, I would hope to get it cheaper, but I do not have another 20K on hand to put new roofs on them. Can I wrap those into the actual loan? what is the best way to attack this. Thanks again
San Jose, CA · Member since 2015 · 4k+ posts · 3k+ votes
10y
I don't know how they work from first-hand experience, but there are FHA loans that will wrap rehab into them. Maybe someone here could give you info on any pros and cons.
Investor · Boston, MA · Member since 2016 · 77 posts · 55 votes
10y
Hi mike, I would see if the owner would agree to fix the roof with his money then add the cost on to the purchase price. This is what my brother is in the process of doing.