Warwick, NY · Member since 2015 · 7 posts · 0 votes
Hey All,
I've been looking for a small multi family home. I found a triplex that needs some TLC. I will be financing my deal through a traditional 30 year mortgage. The home needs about $20K for repairs. Is it possible for me to get a loan for $20K more than the price the seller agrees to sell the home and at closing get a check either from escrow or a credit?
Lender · Nationwide Lender · Member since 2015 · 1k+ posts · 814 votes
9y
@Ryan Lauritsen What you are referring to is a rehab loan which would cover the purchase + rehab cost. For a 3-unit you can get a rehab loan ONLY if you are going to owner occupy it.
Lender · Nationwide Lender · Member since 2015 · 1k+ posts · 814 votes
9y
@Ryan Lauritsen What you are referring to is a rehab loan which would cover the purchase + rehab cost. For a 3-unit you can get a rehab loan ONLY if you are going to owner occupy it.
Investor · Tampa, FL · Member since 2017 · 122 posts · 87 votes
9y
FHA 203K, but ya, I think you have to occupy one of the units. Otherwise you need a commercial loan. Try to get a line of credit or unsecured personal loan for the rehab portion though.