First-Time Buyer | Estate Sale
Hello BP community,
My sister and I are currently looking for 2 or 3 flats in Chicago to purchase. The plan is to occupy one unit and rent out the other(s). We found a great deal (for the location) on a 2-flat that is an estate sale. We are not scared of doing a full gut rehab because our dad owns a construction company and is fully capable. However, I have no idea on my options for financing a rehab. I have started looking into 203k loans but now I am starting to read about hard money lenders. This might be TOO broad of a question but I feel stuck and would gladly take any advice on next steps! Does the 203k make sense? Or do you just take out a second loan specific to the rehab and still pay for mortgage?
THANK YOU!