Updated over 8 years ago on . Most recent reply
First Rehab Loan for BRRRR strategy
Hello to all, I came across a situation today while trying to make moves on my first ever rental property purchase that I wanted to share to all new REI's and get some advice from experienced ones as well. I came across a HUD home listing that was a perfect match for me and wanted to get pre approved for a loan on it. I looked up FHA 203k loans but did not notice that they are only for primary residences. This property I wanted to use it on was planned to be a BRRRR strategy. It was going to need between 10-20k in rehab costs. My question to experienced investors is this; How does someone get an escrowed rehab loan, especially if they do not have or know anyone willing to private lend thousands of dollars to them? Thanks