Rental Property Investor · Ca, AZ · Member since 2022 · 1 post · 0 votes
Hello everyone,
Newbie here so all help is welcomed. So here's my situation/question: I am approved for the 203k and already under contract with a ran down duplex on a 18k sq ft lot. The land is zoned for a R3 (Multiple Dwelings). I am already making plans to rehab the current duplex under the FHA loan limit but can I utilize the loan limits for a 4 plex to build an additional duplex above the current structure without me having to use hard money or a construction loan to build up and make it 4?
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
4y
@Stephen Kohatsu You possibly could, but not under your current contract time you have. It will take months to get engineered drawings, a permit and pricing for the additional 2 units.