All Forum Posts by: Ray Morrison

Good point. The visibility with rental signs would be a big plus. Thank you for the insight. 

Is it a negative to buy a rental right next to a high school?

yes, I don't like the idea of having to use one specific GC. If I was allowed, I could get the same quality of work completed for less than half the price of a 203k qualified contractor. I'm looking at other options. Thanks.

Thanks. I'm exploring other options now to cover the repair cost.

It makes sense to get a standard loan for the materials if I'm doing the work myself. I also didn't realize that the interest rate would be higher. Thanks for the information.

Thanks. I'll try a few smaller banks and ask about using it as collateral.

I own a 5 acre lot in upstate New York. I will at some point build on it. But for now, it's just sitting there. It's paid off and I wanted to know if there is a way to use the equity to purchase a small rental property? Its currently worth about 35% less that what I paid for it, so I don't want to take the loss and sell. Is there a way to utilize the value of this lot ?(aside from selling or building a house on it).

Very helpful. I will begin by creating a list of lenders that deal with 203K loans regularly. The repairs in the properties that I'm looking are mostly cosmetic, between $5,000 and $15,000, so I may have to consider using an outside contractor to simplify the process. Thank you.

Does anyone know if I can get a 203K loan for a multi family that needed work if (as a contractor), I'm doing the work myself? or do I have to bring in an outside contractor?