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.

[Brandon Sturgill]

@Ari Hadar we're just spit-balling assumptions here...in a strong market the equity can come from "thin air"...I did a SFR with this process in 2012...$77k purchase with a $7k rehab...waited 6-months and applied for a HELOC...appraisal was $126k...took the cash and bought another property...that $77k property with a $30k HELOC has a $60k mortgage balance and rents for $1,350/mo....it appraised last year at $170k