Hartford Real Estate Forum
Market News & Data
General Info
Real Estate Strategies
![](http://bpimg.biggerpockets.com/assets/forums/sponsors/hospitable-deef083b895516ce26951b0ca48cf8f170861d742d4a4cb6cf5d19396b5eaac6.png)
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
![](http://bpimg.biggerpockets.com/assets/forums/sponsors/equity_trust-2bcce80d03411a9e99a3cbcf4201c034562e18a3fc6eecd3fd22ecd5350c3aa5.avif)
![](http://bpimg.biggerpockets.com/assets/forums/sponsors/equity_1031_exchange-96bbcda3f8ad2d724c0ac759709c7e295979badd52e428240d6eaad5c8eff385.avif)
Real Estate Classifieds
Reviews & Feedback
Updated almost 7 years ago on . Most recent reply
![Joshua Friscia's profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/803542/1621497892-avatar-josh_f.jpg?twic=v1/output=image/crop=2070x2070@0x187/cover=128x128&v=2)
Experience using a 203k loan
Hello Connecticut BiggerPockets Community!
I am just getting started on the journey to buying my first property/investment. I'd like to take advantage of a 203k loan to buy a 2-4 unit multifamily as a house hack so I can live in one unit and rent out the rest. I’m looking mainly in Wethersfield, Newington, and Glastonbury (though I’m not opposed to searching in Manchester, Windsor, or West Hartford as well). Does anyone have experience using a 203k loan to buy an investment property in the area? Is it worth the extra paperwork/hassle or would a conventional loan be a better option?
Most Popular Reply
![Stephanie Cabral's profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/221426/1621434232-avatar-sjcabral.jpg?twic=v1/output=image/crop=988x988@122x0/cover=128x128&v=2)
Hey Joshua, I’ve done a full and a streamlined 203k. Even though the streamlined isess paperwork it’s still pretty annoying and So i don’t think the streamlined is worth the extra headache but the full 203k absolutely is because you are making much bigger changes to a property and can more drastically force appreciation. The 203k loan is a perfect way to get in the game. The loan doesn’t require previous experience as a landlord or experience with rehabs because you have a consultant help you with the (very tedious) scope of work and they evaluate whether the work is done properly at the end of the day. After a 203k, you’ll have renovation experience which will help you going forward.
I started with a 203k and strongly advocate people use this method to get started but what you heard about the loan being a pain in the a@@ is completely true. Plan for a 2-3 month approval process (or more) and just try to keep in mind it’ll be all worth it in the end.
If you have any questions as you progress, let me know!