Starting in Lawrence, Kansas
My Fiance and I just recently decided to take the plunge and get started on our REI journey. We've saved up enough for a 10% down payment and are planning to use a local lender's Purchase/Rehab loan for a 2|1 single family home.
Has anyone used this type of loan before? We like it because we don’t have to save more to put a full 20% down payment as is usually required for investment properties, but the catch is that the expected resale value has to reach a certain value in order for us to keep our down payment as low as low as 10%.
We are also looking to build our team (contractors, etc) so if anybody would like to share trustworthy contacts located in Lawrence, Kansas we would appreciate it.