DIY fixer upper -- finding the right lender
Hello all,
I'm new to real estate, but am anxious to get into it. I'm looking for my 1st property and am interested in a fixer upper. I know theres a debate as to whether its worth it to do your own work, or hire a contractor, but for my first one, I'd like to do the work because:
1. I enjoy the work, its relaxing and I enjoy the building process
2. I do believe you can make good money rehabbing old houses and selling them for profit.
3. I worked for 4 years in college for a licensed contractor and am capable of doing most remodels (kitchen, bath, plumbing, flooring, electrical, etc...)
I was wondering if anyone has any tips for finding a right lender and loan? I talked to Wells Fargo loan and they basically told me that I could:
a. find a cosmetic fixer only (doesnt interest me) and do my own repair
b. find a fixer but I would have to have a licensed contractor do all plumbing, roofing, HVAC, electrical, etc...
It must be possible to qualify for a loan on a fixer and actually do the work yourself on the property. Any ideas?
Thanks for looking