All Forum Posts by: Marko Bukva
Marko Bukva has started 2 posts and replied 6 times.
Post: Construction loan vs FHA 203k on a flip
- Posts 6
- Votes 3
@Ecaterina Katerina Morosan Thats the spirit! NEW YORK or Bust! :-)
jk..i already own a couple of properties down in FLL and i always wanted to buy here.
There's also unused FAR of ~1000sqft so it make this deal even more interesting.
Thank You so much Ecaterina!
Post: Construction loan vs FHA 203k on a flip
- Posts 6
- Votes 3
Quote from @Paul Welden:
As long as you be living in 1 of the units as your primary residence, then you can do an FHA 203k.
If this property will be a flip or you will not live in it as your primary, then you can do a conventional rehab loan like the Homestyle or the CHOICERenovation.
All these rehab loans are easy to do with the right lender and Certified 203k Contractor.
Hope this helps!
@Paul Welden Thanks for info sir. I'm already looking into CHOICE and SONYMA loans
Post: Construction loan vs FHA 203k on a flip
- Posts 6
- Votes 3
Hi,
I'm looking to buy a 3 unit property in NYC and to do a full gut, also there's a potential for another 1000sq to be added to the property
and that's why i'm interested in this deal. I've never done this before so i know it's pretty crazy of me doing it in NYC for as my first but hey..
Of course i'll be having a very experienced GC to do the work and also maybe as investor.
I'm planning to purchase the property with 10% down as primary and was wondering what would be the next step regarding construction or FHA 203k
Has anyone done a flip with a construction or FHA 203k loan and whats the experience?
Also any experience, advice is highly appreciated!!
Thank You
@Wayne Brooks we already had a few extensions as he is willing to sell (his words)
If he backs out, will I be able to recuperate some of the expenses ?
Flights, hotel, inspection, cleaning of the septic tank??
what do you think?
thank you Wayne
@nicole
@Nicole Heasley Beitenman its kinda bummer if it’s happens..well I guess it’s also learning experience. This is my first deal and as time is passing I’m not so emotionally attached to it as I was in the beginning.
thank you Nicole
Hi good people,
I'm under contract for my first property in Florida since september 2020 !! That's because there was some work without permits on the property and the bank wants that to be rectified by seller before closing. He is in the process of getting the permits. In the meantime market exploded and i have a feeling the seller is not so eager to sell it to me cause he can get a better price now. He's been pretty slow in signing the extension. Since we're under contract my broker told me that he can't sell it to someone else unless i back out.
Is there a way that he walk away or contract expires if we don't have extension signed??
I don't want to back out if this deal,(its a good deal!) especially since i invested time/flights to FL/inspections..etc
Any thoughts?
Thanks