First Home Purchase - Fixer Upper (How to fund?)
I am new to real estate and currently looking to purchase a home (personal residence) that needs some renovations. I will be looking to purchase additional rental homes soon so I'm trying to conserve my funds. My original thoughts were that I could get a 203k rehab loan and bundle the rehab costs in with the mortgage. However, it's starting to look like the home can't currently already be in livable condition. A) Is this accurate? and B) Does anyone have any suggestions how I can finance the purchase and renovation costs? Any help at all is appreciated.
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If you're looking for rentals soon, why sink your money into a personal residence that needs rehab? Or any personal residence for that matter. How far is that going to set you back before you can then save enough up to buy a rental? Make money first, then buy a personal. Look at your goals and figure out what will get you there quickest and do that. Buying a personal residence fixer upper probably isn't it though.