Im thinking of starting with a Duplex
If I'm trying to buy a duplex with an FHA loan to rent one floor of the building, how much money should I have in my bank account? to do any repairs now knowing that the FHA is real picky and wants the house in great condition. I'm looking for a duplex maybe around 125K. Does the FHA grant cover all the down payment that I need? If so what and how much do I have to pay out of pocket? Help please
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Juan Carlos Gutierrez check out the 203k loan. It allows you to roll repair costs into the loan. I did this on my primary residence and I won't lie, it was a bit of a nightmare, but I owe $151k and the house was just appraised 3 weeks ago at $175k. I'd have never been able to get money for the $63k we did in repairs without the 203k. It also gets you a bit of insurance from scamming contractors as each "draw" requires a certified inspector to sign off on the work and THEN the contractor gets paid. Read up on it and if you're a patient person with good record keeping, it should work out well. Best of luck!