Funding the rehab for first investment property

[Elisa Sacchetti]

I may have found my first investment property! I am very excited as I think it will be a great investment opportunity. It is a duplex with a purchase price of $250,000. Estimate cash flow is $400 per month as is. I plan to house hack the duplex and use it as a rental property for a few years. 

I am concerned because from the listing it says the property needs a lot of renovations done. I'm going to fund the property with a FHA loan, but I don't have the funds personally for all the rehab. I am trying to acquire my first property with low money down as I am just starting out. What do you all recommend I do to help with funding the renovations? I've considered a private lender but I don't know other than that what to do. I also wouldn't know how to find a private lender or where to start

[Sam McCormack]

@Elisa Sacchetti

Hi Elisa! To make it as easy as it can get, you can get an FHA 203k loan. This is for funding the purchase of the property as well as renovations. As for restrictions to how much you can spend up to on renovations is past me. I just wanted to hand you the idea to help out. I hope you get what you're looking for!