Hello all, I'm back after a brief period and been reeducating myself on everything I learned last year. So here I am, future rehabilitation center therapist, graduating from a graduate program in two years, looking to obtain a FHA 203k loan to move into my own investment property(duplex, triplex, or quadruplex) with only 3.5% down(the terms of this loan) and obtain rehabbing financing. My question is, lets say I move into a duplex, and I stay in one unit(unless I move into a quadruplex and hire a property manager). Will the rehab loan money only cover the unit I'm living in ? Or will it also cover the other unit of the duplex I would be living in?
I am new to this real estate investing so bare with me and my beginner questions.
Also, are quadruplex that need rehabbing feasibleto find in a good metropolitan city, or does it take lots of work from and the help of a real estate agent using the MLS.
PS: I am 25
The loan you receive would be to rehab the whole property not just one unit. As for finding a four-plex that makes since on the MLS, chances are it's not going to happen. Having an agent that knows the market and invests himself is a good idea anyways though. I suggest doing that as well as driving for dollars and looking for four-plexes in the neighborhood you want to be in that look like they haven't been taken care of in the best way. Those owners should be more willing to sell and the properties could qualify for a 203k loan.
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