Updated about 5 years ago on . Most recent reply
What is the best loan for major structural repairs on a Duplex?
I inherited a duplex in Portage, IN from my father. He's had the rental property for about 30 years and does not have any home or equity mortgages, or mics. loans on the property and is free an clear. Unfortunately, it is in need of serious roofing and structural repair and I'm looking for the best type of repair, renovation or home equity loan that will fit my needs. I guesstimate approximately $35K to $45K to completely redo the roof, replace and repair the dry rotted base house frame sitting on the foundation (sills, floor joists and subfloor), outside brick repair, new drive ways and electrical and plumbing updates.
The average selling price for well-maintained and updated duplexes similar in design in the area are $85K to $105K. In it's current condition, I guesstimate my duplex is worth around $45K. Again, it needs major work. I just started researching and found FHA Limited (formerly known as Streamline) 203(k) and FHA 203(k) Consultant Loans. I'm ineligible for the limited, but the Consultant loan looks like the best option for. Before I spend too much time looking into this, I'm hoping this post would help me find or lead to other, more better suited loans for my cause. Most importantly, I hope this will help me sift through the endless amounts of useless and misguided information on the internet and make the best use of my time. Your direction, help and guidance is greatly appreciated.