Attempting to raise money for a triplex that needs repairs
I apologize for the long post to come.
I'm currently under contract for a triplex in my hometown, where I reside. This is not a common occurrence. The seller has own the property for the past 15 years, and has done no repairs. Only maintenance that's necessary for the lowest quality of life. I decided to make an offer with an FHA 203 k loan. Due to only having the 3.5 down payment and reserve saved. My intention was to replace a roof that is nearly 20 years old. And they're really aren't too many things that necessarily need to be done to make it livable. It already has tenants, and I was willing to work with them on rent. The issue lies in the fact that I am using an FHA loan. With this type of renovation loan I need all of the repairs to be done by a licensed contractor. And they are charging so much money that the deal really isn't worth it anymore. So I would like to regroup and purchase with the conventional loan. But I don't have the conventional loan down payment. So I need to raise it. I have considered hard money, but this is by no means a flip so repayments that quickly isn't really possible. I can't say I have a wealthy circle that I could borrow from or have invest in this. I don't have the time to raise the money by myself before the contract ends.