I recently used a HELOC for a down payment and for some repairs.

Try buying a MF in E Clev, good luck there is no inventory for a reason :)  Again I am going by my 10 years of doing 100s and 100s of deals there, 1ks or reno/repairs, 1ks move in and outs working with all the govt agencies.

Almost no repairs were requested.

Some common OVERLAYS are:Credit ScoreNot using Rental IncomeSeasoningLoan MinimumsMaking us have more downpayment than neededNot using “After Repair Value”Limiting the number of loansRequiring more reserves than neededAnd plenty of others tooSo imagine you are trying to use the BRRRR method on a property and your lender states “We can’t use the ARV until after 12 months, we can’t refinance until after 12 months, we can’t use rental income until it is on your tax returns, your loan amount can’t be below $100,000, and we will require you to have 30% equity in your property”.If that was the case we couldn’t do the BRRRR method - ever!

It was intended as a fix and flip, and our original exit strategy was reached. we bought with hard money then did a refi to convential because repairs became drawn out and rented for some cf to by is time. we ended up selling for 405,000 and our loan balance was 235,000.

As I prepare to use an FHA loan for my first multifamily investment, I've become concerned about the extensive repairs that can accompany purchasing an older model.

We have Lowes and other accounts to purchase materials for repairs or renovations.

Consider a VA Renovation Loan to finance the repairs into your loan.9.

Hard money lenders are more interested in the after-repair value (ARV) of the property than your personal finances.- Have some skin in the game.

A mold specialist will cost you and arm and a leg and likely recommend unnecessary repairs.