All Forum Posts by: Tom Knox

@Mike Roy Thank you that is good advice. I just wasn't sure where to start in terms of finding out the requirements for a conventional loan. I will try and meet some local investors in my area and pick their brains.

I am considering purchasing a quadplex in Florida that needs approximately 20K-30K in renovation to bring its rent up to the standards of the area (800/month). I can get a hard money loan for the property but i am concerned with what all will be needed in terms of upgrades to the unit to make the property fit the requirements of a conventional loan. For example do the units need to have an HVAC system or are window units acceptable?

Can i just pay for a general property inspection and that will tell me what is needed for a typical financing?

I just do not want to get stuck paying a 13% interest rate for to long and go bust before i even get started.

I appreciate any input. I am new to real estate investing so any advice is much appreciated.

Tom