Investor · Knoxville, TN · Member since 2016 · 116 posts · 26 votes
BP,
I'm located in Knoxville TN and I've found this off-market triplex deal that I'm looking to takedown and self-manage. It needs approximately $50k in rehab. (see below report)
I have $40k in my bank for reserves, so I'm trying to do this deal with no money down.
Hey Greg, if you are still looking for one, some mortgage lenders have loans that wrap in rehab cost. That might be something you want to look into. The rates are higher than primary residence loans but much lower than hard money loans. As far as I know they can do 30 year fixed, and if you don't like the rate you can cash out refinance after a few months.
Lender · CT · Member since 2022 · 44 posts · 20 votes
4y
Are you planning to occupy one of the units to use this as a primary, or is this purely an investment opportunity? While it may be difficult to find a no money down option, occupying as a primary residence could limit your downpayment to 5% convention or 3.5% for FHA with a renovation loan that will wrap in the expenses to the loan amount to complete the rehab.
Lender · Seattle, WA · Member since 2014 · 2k+ posts · 899 votes
4y
@Greg Larson- purchase as primary home ...use FHA loan . make min 3.5% down payment ...ask seller for credit to cover loan fees/ closing costs and prepaids ...conserve as much cash as you can so you can fund the remodel / rehab out of pocket
I'm located in Knoxville TN and I've found this off-market triplex deal that I'm looking to takedown and self-manage. It needs approximately $50k in rehab. (see below report)
I have $40k in my bank for reserves, so I'm trying to do this deal with no money down.
Hey Greg, if you are still looking for one, some mortgage lenders have loans that wrap in rehab cost. That might be something you want to look into. The rates are higher than primary residence loans but much lower than hard money loans. As far as I know they can do 30 year fixed, and if you don't like the rate you can cash out refinance after a few months.
Do you know what they would require for a down payment amount? I would love to go this route but am being stalled with capital. I'm working with a total of $40k capital and have to keep some in reserves after the purchase.
Hey Greg, if you are still looking for one, some mortgage lenders have loans that wrap in rehab cost. That might be something you want to look into. The rates are higher than primary residence loans but much lower than hard money loans. As far as I know they can do 30 year fixed, and if you don't like the rate you can cash out refinance after a few months.
Do you know what they would require for a down payment amount? I would love to go this route but am being stalled with capital. I'm working with a total of $40k capital and have to keep some in reserves after the purchase.
Minimum 15% of the purchase price and rehab cost, but just keep in mind the lower the down payment, the higher the rate and point fees. I’m in the process of working with them myself. Happy to connect you.
Hey Greg, if you are still looking for one, some mortgage lenders have loans that wrap in rehab cost. That might be something you want to look into. The rates are higher than primary residence loans but much lower than hard money loans. As far as I know they can do 30 year fixed, and if you don't like the rate you can cash out refinance after a few months.
Do you know what they would require for a down payment amount? I would love to go this route but am being stalled with capital. I'm working with a total of $40k capital and have to keep some in reserves after the purchase.
Minimum 15% of the purchase price and rehab cost, but just keep in mind the lower the down payment, the higher the rate and point fees. I’m in the process of working with them myself. Happy to connect you.