4-Unit Multi Family Deal in Cuyhaoga Falls,OH

[Kenneth Rogers]

Hey everyone,

Looking for some guidance with this particular deal that I am looking to get into as my first buy and hold property. I am currently under contract to purchase this foreclosure 4-unit for 37K and it needs a lot of work (between 60-80K). The property is located in a highly desired prime location in Cuyahoga Falls, OH and has a potential ARV 170-180K. I am doing the owner occupant 203K FHA loan as my option of financing, but might run into some issues with coming up with needed amount to put down then initially had figured based on the total amount of repairs needed to be performed. The property has been inspected and I have received a preliminary feasibility report categorizing the mandatory, recommended, and desired repairs. I am in the process of receiving quotes from 3 different FHA certified contractors. Are there any suggestions on some other creative financing options I can do or is this a project that might be too much for me to take on with this being my first buy and hold? I was thinking a possible partnership or a basic short term small hard money loan to come up with the difference. I have a detailed cash flow potential chart of the property I created. If you want to take a look at it to better asses my situation, just send me your email address and I can forward that along. It is a great deal and would hate to miss out on this potential opportunity. Any advice would be very much appreciated.
Thank You in advance

[Michael Murray]

Aaron the streamline 203k is $35000. The Max on a full 203k depends on the fha county limit. Look up the fha limit for Brookline Mass. and that is the limit on a loan. Example the FHA limit is $425,000 then that is loan limit. So if the purchase price is $125,000 the renovation limit is $300,000. The 203k is FHA where the down payment is 3.5%. It must be your primary residence.