Lenders that Handle Renovation loans

[Juan Contreras]

Hello all! New member here! My name is Juan, I am a real estate agent and a first time buyer looking to house hack in Southern California (preferably south west Riverside county or north San Diego county). I’ve just started learning about real estate investing strategies a little less than a year ago.

I am interested in utilizing the FHA 203k loan or Fannie Mae Homestyle conventional loan because of less competition against other buyers, and I wouldn't mind doing some work to force appreciation. Since I'm a licensed real estate agent, I have MLS access but I'm also open to finding off market deals. I spoke with a couple of lenders today and they said there aren't many lenders that currently handle renovation loans since there is too much risk. I plan on doing some more shopping around for a lender but thought I'd reach out on the BP forums. Anyone have lender referrals for renovation loans or advice on House Hacking in SoCal?

The strategies that I'm interested in for real estate investing, other than HH, are out of state rentals (I feel that the capital I have can go a lot further in a market outside CA), and BRRRR (mainly with out of state rentals). But I currently live with my parents after several years of renting throughout college so my priority is a primary residence but if long distance investing can help me get there quicker, I can put up with my living situation for a bit longer. It's allowed me to save up about $10k in a year but that's not enough to cover a down payment and closing costs in my area.

Anyway, I look forward to connecting learning, and growing with this amazing community!