Anyone ever used 203k loan in Texas?
Hello, my name is Juan I have been studying realestate investing for about a year now, and have decided to pursue this as my lifes goal, I recently found out about the 203k fha loan, and I have decided to invest in my first property, I am in the Dallas Texas area, ( a very competitive saturated market )
I want to buy a multifamily unit (duplex) and use the 203k loan to renovate it increasing equity up to 20% in order to immediately refinance into a conventional loan ,pull a heloc and invest in my second property, I understand I need an exit strategy and I am currently working on that as well,but I believe I will develop that as I grow and dive deeper into this, I've never bought a home I'm still learning how to calculate numbers, if any of you have done any 203k loans do you mind sharing some information? What is your opinion on this strategy, and do any of you know any lenders thst specialize in 203k loans in the Dallas ft worth area ?
Thank you
Most Popular Reply
Make sure you read up and understand the whole process. In the end, you still need to find a good deal. You don't want to go through all the work and have your costs equal the market value. Your purchase price plus reno costs still need to be much less than the ARV.