Updated: Oct 5
Y’all know what a 203k loan is?
How about the pros and cons?
It’s an owner-occupied renovation loan.
That's where you'll make a purchase and renovate that property, which you're also going to live in. It could be a single-family home or as many as four units.
It's a great way for you to get inside your home, right?
You only have to put three percent down because of the owner-occupied loan, where most investors have to put anywhere between 10 to 20 percent right down on the property.
Because you're going to occupy the home, you're going to get that 203k loan.
The other great thing about it is, you can still live in the property and rent out the other units.
You'll be receiving cash flow, while you're using the bank's money to renovate the property.
You have to use approved 203k contractors.
This means they won’t be cheap, and they won’t come from referrals of close friends because they have to be 203K specialists.
So, now you know. You decide if this is going to work for your goals, your vision, your life.
And if it's a solid game changer for you, get the ball rolling today!