How much cash are you bringing to the table and what will the loan amount be.

I ended up using an fha 203k loan to fix this duplex with a potential huge basement to make it a triplex.

And to add to the stress, we took out a loan to cover the costs, and now we're watching our hard-earned cash disappear with each passing day.In this moment of desperation, I reach out to this community for assistance. 

You need enough time to earn healthy returns, but not so much that your kids graduate before the sale.Considering market cycles, five years is a modest stint in which to invest, make improvements, allow appreciation, and exit before it’s time to remodel again.A five-year projected hold provides a buffer between the estimated sale and the typical seven- to ten-year commercial loan term.

The current tenant says they have gotten the problem fixed but all that is required is some tile work and installing the new toilet. 

Scope of Work:Initial Assessment: Our team conducts a thorough assessment of the property to evaluate its current condition, identify structural issues, and determine the scope of renovation required.Design Concept: Collaborating with architects and designers, we develop a design concept that blends contemporary elements with the historic character of the row house, maximizing space utilization and optimizing layout efficiency.Structural Repairs: Structural repairs and reinforcements are undertaken to ensure the integrity and stability of the building, addressing any foundation issues, roof leaks, or structural deficiencies.Interior Renovation: The interior of the row house is completely renovated, including the removal of non-load-bearing walls to create open-concept living spaces, installation of new flooring, upgrading electrical and plumbing systems, and installing energy-efficient fixtures and appliances.Kitchen and Bath Remodeling: The kitchen and bathrooms are transformed with modern finishes, custom cabinetry, quartz countertops, and high-end appliances, creating functional and stylish spaces for daily living and entertaining.Historic Preservation: Special care is taken to preserve and restore original architectural features such as exposed brick walls, decorative moldings, and hardwood floors, enhancing the property's historic charm and character.Exterior Enhancements: The exterior of the row house receives a facelift with fresh paint, repaired masonry, restored windows, and landscaping improvements, enhancing curb appeal and contributing to the overall aesthetic appeal of the neighborhood.Quality Assurance: Throughout the renovation process, our team adheres to strict quality control measures and standards, ensuring that workmanship meets or exceeds industry best practices and building codes.Finishing Touches: The finishing touches, including interior decor, lighting fixtures, and hardware, are carefully selected to complement the design aesthetic and create a cohesive and inviting atmosphere.Timeline and Budget:The single-family flip project in the Philadelphia row house is estimated to be completed within [timeline], with a budget of [budget].

But by only reducing $120 monthly, I would be adding about 150 months to the loan term.A 6.5% would only make a small increase of lowering payment by $220.

To get helpful advice and support, connect with lenders, contractors, property managers, investors, real estate agents, and other experts.Options for financing include private loans, partnerships, FHA, VA, and conventional mortgages.

@Oliver Martinez you could have used the "@name" format to include everyone you wanted to reach out to on a single response, instead of entering 6 copies of the same message:)Unless you plan to live in the property (owner-occupied) you will typically need at least 20-25% down to get a mortgage - unless you find a private investor to fund your acquisition.Also, as you've found, most of these lenders have minimum loan amounts of $75k-$100k.Unless you are a VERY experienced investor, we don't recommend buying rentals in the City of Detroit under $80k.

Keep in mind if you need to use two jobs to qualify for a conventional loan, the borrower will need to demonstrate two years of holding those two jobs simultaneously.