203k loans for multi family
Hello, I am a military member who currently owns two homes, one which is renting and cash flowing but I am trying to transition to multi family. House hacking isn't an option for me currently so I'll be buying purely as an investment. Where I live there are a number of quadplex properties where the numbers work. I am looking at getting a 203k so I can rehab one of these properties, raise rents and increase cash flow further. I only have 20k to do this, properties I am looking at are around 200-300k. Since I currently have 2 homes getting a third loan as a 203k is 5% enough? Is it even reasonable to think I can get this financing due to my other loans? Any advice on someone who has successfully utilized 203k and any advice on what you learned through the process? Thanks in advance, just starting out and BP has been enormously helpful!