203K Loan (18 y/o, Cleveland -> Jupiter)

[Jt Marting]

My name is JT Marting, and i'm an 18 year old from Cleveland, Ohio, about to move to Jupiter, Florida. I've been looking into the 203K loan paired with an FHA loan, and I'm struggling to find info about it. Has anyone done one of these? Or knows anything about it? Thanks. I'd like to basically BRRRR a property but with this method so I don't need much money down.

[Jt Marting]

Originally posted by @Brandon Sturgill:

Yep...that is the best case. A HELOC would be the way to go...you can always re-fi out of the FHA loan at year 1...lose the MIP they charge...its a scandal.

There are a lot of variables...and no appraisal is guaranteed...I think you'll get a much more favorable appraisal on the HELOC...credit unions are lending 95-97% LTV...in the above example you could possibly get a line of credit around $40k for your next deal...or turn the property into a rental and buy your next investment with a 5% conventional loan.

It's really awesome you are getting going this young...you will have a lot of success in this business.

Thanks so much for the explanation and the kind words. Hopefully starting young will pay off!