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Updated almost 6 years ago on . Most recent reply

Reggie Gay's profile image
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Reggie Gay
  • Member since Jun 30, 2019
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Reggie Gay's profile image
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Reggie Gay
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Reggie Gay
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Starting Out

Is a 203k Loan the best option to start investing?

Reggie Gay
Posted

For a first timer- newbie investor with not a lot of money, but good credit. I’m am also self-employed, I own a barber shop.  Would a 203k loan be the best way to get started investing?

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Sathish Sekar's profile image
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Sathish Sekar
  • Real Estate Agent
  • from Chicago, IL
  • Member since Jan 8, 2019
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Sathish Sekar's profile image
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Sathish Sekar
  • Real Estate Agent
  • from Chicago, IL
  • Member since Jan 8, 2019
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Sathish Sekar
  • Real Estate Agent
  • Chicago, IL
29
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46
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Sathish Sekar
  • Real Estate Agent
  • Chicago, IL
Replied

An FHA 203k loan can be complicated. Also this loan is only for owner-occupied properties. So it wouldn't be an option for an investment property. Unless you plan to live in the property.

For you situation, I'd recommend seeking hard money financing. Where the lender analyzes the deal rather than your personal finances. 

Reggie, where are you located? 

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