Buying a rental and using a rehab loan...
Im thinking about buying a fixer upper for a long term rental and using a rehab loan.
What are some challenges you faced when you did this?
Anything I should ask the lender specifically?
My thoughts are there are a lot of houses that are in a C to C+ area that are really cheap 15-25k that will be worth 40-65k when fixed up but my thinking is it will take care of a lot of capex issues up front for a profitable rental unit. Rents are around 600-800 depending on the size and bedrooms.
Tell me about your experiences good and bad!!
Thanks!