Hey guys - good problems to have and I need your help.

I am in the middle of doing a couple deals in Phoenix, 1 SFR and one duplex. Each is around $200k purchase price, and (believe it or not) I can finance them. Both involve some rehab ($135k total rehab costs). I NEED to have as much capital on hand as possible to jump on other deals that might come up, so I'd like to finance the rehab with the property.

What kind of options do you see for me? Here's what I was thinking:

1. 203k - low capital total limit, so not very useful for me.

2. Conventional rehab loan - nice but very inflexible when contractor specs need to change (I understand that even the tile's serial # goes into the spec).

3. VA loan - doesn't provide for rehab, as far as I know, but very low money down. Only good for one deal since it has to be primary residence.

4. FHA or conventional loan - different flavors the number 3 option.

So what would you do if you were me? How can I keep my capital in my own hands as much as possible

Any lending experts? I'm talking to a lender this evening so I'm trying to get smarter.

Hello William,

Do you mean you self funded these properties thus far?  If so, we may be able lend 90% cash back on the original purchase price($200,000 X .90 = $180,000 cash) and set up a rehab draw up to 90% of rehab cost.  Max arv is 75%.  I would need understand your credit, experience and liquidity to get the ball rolling. Let me know if you are interested.

@Bob Green

Thanks for the offer and I'll keep it in mind! I'm working with a lender now, and things are going smoothly.