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Updated over 3 years ago on . Most recent reply

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John Shea
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5
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What kind of loan should I look for

John Shea
Posted

Hopefully someone can point me in the right direction. Just purchased a single family home and it needs extensive renovations. The property is zoned for multi family. I figured since I need to replace the roof, rafters, flooring and subfloor, I might as well raise it up and turn it into a 4 plex. It will be (4) 3 bed/ 2 bath units in Jacksonville NC. The ARV will be $450k, I paid cash for it so no mortgage at the moment. My credit score is in the 700s. Low DTI. W2 in the $70k. Been with the current company for over 17 years. I just need $100k to finish it and the rental income on the 4 unit combined will be over $4k monthly. What kind of loan should I look for?

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