Solarcity FEC · Torrance, CA · Member since 2015 · 89 posts · 13 votes
I need about $40-$50k and i have great FICO scores All in 720 - 790 range, just no equity since i just purchased and also i do not want to use HERO or Greensky or any loan that will give troubles when trying to REFI in 6mo - 1 yr.
I have just closed two weeks ago on a Triplex in Bloomington CA, Appraised at $350,000k , Its 3 Separate Structures on 8400 SqFt Lot.
Unit A - 3/1 House Built in 1951, ( Never Rehabbed) Great Bones .
Income: None , I occupy
Unit B - Studio converted Separate Garage (Not Permitted)
Income: $450/mo increasing to $600/mo in July
Unit C - Separate 1/1 House. (needs Very Little Work)
Philadelphia, PA · Member since 2018 · 50 posts · 43 votes
6y
Hi Christopher,
I believe the best option is going to depend on your personal income and your current mortgage situation.
I think there is some crucial information missing here. You said you have no equity. That would mean you were able to get financing at 100% of the purchase price. The only way I know of that happening is through a VA loan.
I'm hoping that by "closed" you mean "got under contract"... If so, meaning you do not yet own the property and do not yet have a mortgage, your options are very different. An FHA 203(k) loan can cover purchase and renovation base on ARV of the property. Additional info would probably help people be better able to assist you.