Where to get Rehab Money?

[Peter Bui]

Got a quick newbie question for you all. 

Lets say I got approved for a loan and everything went smoothly throughout escrow. 

Question: Am I allowed to get a loan lets say 30000 above property purchase price so i can have some money to rehab before I rent it out? 

How does this work usually. Or what is the most profitable way to do this? And if i do need 15000 to rehab, would I need to add that money to closing cost + downpayment or will that be a part of the loan section when doing a deal analysis? 

Thanks in advanced! 

[Aaron K.]

It depends on your loan type FHA probably won't let you buy anything that needs rehab. FHA 203k will include it in the loan. Conventional would be something you do on your own and not rolled into the mortgage unless you put more than the minimum amount down.