Starting Our Real Estate Investment Journey
Hello All!
My wife and I are just beginning our investment journey and we're initially trying to navigate a potential mortgage lending challenge. We are selling our current home and downsizing, which should help jumpstart our ability to get started with a business through selling our primary residence.
The problem is that the house that we are targeting needs about $250k in renovations on a $850k home. Does anyone know if it's possible to have an initial mortgage loan or additional renovation / 2nd mortgage include such a large amount for renovations? Could the home appraise for the post-renovation value, or would it even need to?
We've also heard of programs where we can hold off on making payments on the house and renovations until the work is done. This would allow us to live somewhere else temporarily while the work is being done without having two house payments. Any lenders out there know if this is possible?
Sorry to introduce myself with all questions. I'm thrilled to be here and I'll share any and all information I obtain freely and "pay it forward" as well as paying it back.
Cheers!
ML, Sarasota FL