My First Investment Purchase Connecticut

[Melissa Gittens]

I finally received my appraisal back on my first investment in a buy and hold multi family home in Hartford County, Connecticut and found that property was appraised at about $37,500 less than what my offer was on the home. If I have a 203K rehab loan are there anyways to have a part of the rehab costs from the loan cover more than what the appraised value is? I am really just looking for advice from other people who have run into a similar situation. My plan is to ask for reduction of 20,000$ and come out of pocket the other $10,000 to make the deal go through.

Original Asking 89,900

Sales Price $117,500 (price was driven up by multiple offers on the home)

Appraised As Is Value $80,000

ARV $125,000

~$25,000 for rehab

My plan is to have an addendum with a reduction request of $90,000 with $2,000 closing assistance as opposed to $3,525.

Does any have any private money lenders that they can refer me to preferably in Connecticut?