203K 3-plex My first Deal

[Shawn Tompke]

Hello! I've been looking for a while to get my hands on my first deal and i believe I have found it. But have a few questions about the 203k rehab loan. I only have a small chunk of savings for a down payment so this is my plan of attack. -first of all the house has been vacant for about 9 months I think, and it needs a total gut job. My estimated price I'm going to pay for the house is 95,000 but it needs about 95,000 more for the whole remodel. But now I've found that the FHA 203k loan only gives up to 50% towards rehab of the total purchase price? Which means I would only get about $45,000 for remodel costs, which is not enough. Any ideas or helpful insight I could get on this issue? Also my father in law is a licensed contractor and he is going to be the GC for the job. Thanks so much! I'm excited to be here in the BP community!