Need advice to get my first deal going
I'm 23 and ready to get into my first investment property. I would like to buy a duplex and rent one of the units, and live in the other unit. Right now, I am pre-approved for a conventional loan with $200k, 5% down. There is currently a off market house that I like that needs some work done to it for $150k. My funds would be coming from a mutual fund that currently has about $23k. I'm worried about that not being enough between rehab costs, down payment, closing costs and any other fees. I thought about looking into a FHA 203k loan. Is this a bad idea? Anyone ever use a FHA 203k? Good or bad experiences?
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Does it need more than 23k right now to make it livable? One of the great things about the house hack is you can take your time fixing up the ugly, cosmetic things. Talk to your local bank about a FHA 203k, if it's big they'll have someone who knows about it and if it's small they can direct you to another lender most likely.