203k loan advise for multifamily.
I am looking to purchase a triplex. Its listed at a very attractive price of $499,000 in southern california, and the area is going for $650,000-$700,000. The property does need some work, it looks like someone started the rehab process on it and left off in the middle of it. I already own a SFR which i did a 5% conventional loan on, which is as owner occupied for the moment. I would like to purchase this is triplex using the 203k loan option. My credit score is about 740. No debt. No payments on anything except my mortgage on my current SFR. By the looks of the property it should not cost more than $35k to fix the place its mostly cosmetic. Can anyone please advise on using the 203k loan option.
For the location this property should receive about $2100 a month per door.
If you guys need additional info i can provide it. I cant think of anything else to list on here. Thanks in advance.