Uninhabitable Property Funding

[Matt Ruttenberg]

Anyone have insight on purchasing an uninhabitable property? Or is this strictly a cash or owner financing type of deal?

[Don-Carlos Moniz]

@Matt Ruttenberg, the short answer is that it will probably need to be a cash purchase.  The biggest question I would have is what do you mean by "uninhabitable?"  Uninhabitable but rehab-able is far different than something that is uninhabitable and needs to be demolished.  If the property can be repaired, you might be able to get a 203K loan, but there are hurdles to jump, and I think you have to plan on using the property as a primary residence.  Find a good local lender that works with investors.  Depending on where you are, there might be some local programs that may help fund the deal.  Good luck and let me know how it goes.