Do I take out a loan with ARV into it

9 Replies

Good evening all,
I’m happy and proud to say after doing a lot of due diligence and research with the power team of me and my wife we should be purchasing a house(if the deal is right) within the next three months! Now, I have a silly question. When you take out a loan do you put the ARV costs into the loan ? If I need to go more in detail I will but the help would be much appreciated.

You can do that but it’s likelt be a hard money loan and those will be much more expensive than conventional financing 

Thanks guys it’s much appreciated I take those forums into high consideration ! Again thanks guys !

Welcome to BP Gabriel. You're on the right path by joining BP. I agree with Vivek and suggest getting educated before making your first deal. It took me a few years before I pulled the trigger, but I spent that time learning how to do and more importantly how to think before I pulled the trigger. Since you and your wife are in Oceanside there are some good REIA's nearby. Checkout the SDCIA in San Diego and OCREIA in Costa Mesa, and OC Investment Club FIBI in Irvine. You should be able to find them in Meetup. They all focus on education and don't sell you on product, and expensive seminars.

Good Luck!

Yutaka

@Gabriel D. Zapata will this be a house for a fix-and-flip or your personal residence? If it's for your personal residence you should look for a 203k loan. This loan allows you to buy the house and include the repairs in it. You can research the 203k loan here on BP and on the Internet.

If it's for a fix-and-flip then it depends on the lender you use. Some will include the money in the loan some companies we won't. Mine does. Let's talk more at the next NSDREI meeting or give me a call and I can help answer your questions either way.

@Bruce May hey Bruce we decided to pass on the deal and finically educate ourselves a little bit more but would love for you to meet my wife at the next meeting !

Originally posted by @Gabriel D. Zapata :

@Bruce May hey Bruce we decided to pass on the deal and finically educate ourselves a little bit more but would love for you to meet my wife at the next meeting !

 I look forward to it. See you in a couple weeks.

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