Rehab financing needed for duplex but I have four loans!

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Rehab financing needed for duplex but I have four loans!

Sean Ploskina
Investor · Virginia Beach, VA · Member since 2012 · 244 posts · 69 votes

I have just gotten a 3/1 duplex under contract from the VA and one bathroom is missing the bathtub. The previous owner started rehabbing and ran out of money. The lack of a bathtub excludes it from conventional financing from several big and small banks. But I don't qualify for a 203k because I was told I am on four deeds.

Any recommendations BPers?   

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  • Kyle Gregg
    Baltimore, MD · Member since 2015 · 301 posts · 82 votes
    11y

    Is the property sold 'as-is'? Can you request the seller to install a bathtub? As long as you are not making an unreasonable repair request, it is in the sellers’ best interest to pay for the repairs.

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  • Dave Fontana
    Rental Property Investor · Western Carolina · Member since 2010 · 144 posts · 66 votes
    11y

    If the deal works with hard money, go for that. Hard money lenders are hot to lend right now. 

    Good Luck!!

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  • Sean Ploskina
    OP
    Investor · Virginia Beach, VA · Member since 2012 · 244 posts · 69 votes
    11y

    I am buying from the VA and they refuse to do anything. I am working on some hard money guys now thanks @Dave Fontana

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  • Jerry PadillaBusiness Member
    Lender · Rochester, NY · Member since 2014 · 3k+ posts · 1k+ votes
    11y

    @Sean Ploskina

     If you do a hard money loan, you can do a rate and term refinance 6 months after closing, when the repairs are made.

    [email protected]585-204-6923
    PrimeLending 4.8582 Reviews
    WebsiteView Page
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