Investor · Fort Walton Beach, FL · Member since 2017 · 19 posts · 5 votes
Hello BP!
I am throwing this out here because I am trying to see if somebody knows of an option I do not.
I am looking a a place in Shalimar, Fl -- Right next to Fort Walton Beach, Niceville, and Destin.
It is pretty run down, and I estimate 100,000 or so in rehab costs. The lot defiantly listed for way less square footage than it truly has, due to a garage bedroom conversion, a lot in the 2 car garage, and some other additions. If I get the prices I want. I will get it at 70 sqft. and After repair value is safely 135. Currently its listed as 1800 square feet, but I think it has closer to 2300-2500.
Basically, traditional loans will not finance 100K in rehab costs. I know hard lending is an option, I am trying to have least down as possible. Initially I wanted to use my VA loan, but that wont work in this case.
Can anything offer any loan structure they may think would be worth looking into?
Hey Tyler! I'm a realtor in Navarre, I just separated from active duty last week so I'm very familiar with these areas. Let me PM you so I can see what we can do to get you going.
Tyler Austin look into FHA 203k loans they are for owner occupants buying homes that need rehab work . Some info here :
https://www.zillow.com/mortgage-learning/fha-203k/
It seems most hard money lenders won't loan on property that is going to be owned occupied , just on investment property at least the ones I've seen.
Good luck
You could use hard money with in an LLC then when the house is finished you could personally buy it with a VA as long as you are going to live in it. I've been considering doing that as well. If the house is in liveable condition just in need of update a VA loan is still a possibility. My current personal home in Niceville was rough but passed VA. It had paruqe floors that were coming up in places old single pane aluminum windows and some aluminum wire. I was able to buy it with a traditional VA then I spent about $30k rehabbing it. New cabinets, floors, doors, trim, windows, light fixtures.