Posted by Ben W on March 05, 2000 at 14:17:52:
Thanks for your explanation, Chris. Things are making more sense to me now. I’ve purchased a rental property, and enjoy the rental end of it, but i’ve been exploring the rehab side of investing, and am interested in trying my hand at it a time or two.
An investor i met in passing indicated to me he had used the 203k in a rehab project, and in Carleton Sheets course (not a rehab course, i know!) there is mention of an investor in Michigan who used the 203k on a foreclosure rehab he did.
It seems like it would be a good program for rehab, since it allows for fix up loans and will loan based on an after fixup value. While i don’t currently have a specific property in mind, i’m planning to try one soon, and am trying to look into the financing available beforehand.
Have you worked much with rehab properties? I’m in Albuquerque, NM, and it seems to be done a lot here.
Any starter information you (or anyone) could provide me with would be appreciated.