HAVE A DEAL

Sometimes the truth is hard to hear.. But if you have this money problem, you shouldn't be looking to invest in real estate.. You cannot get a loan on a property to do a rehab as an investor.. If you were going to live in one of the units, you could do a 203K rehab loan, however the loan value is very low, so it' likely you won't find any lender willing to do it.. Current laws limit the amount they can charge for a loan and it's based on a percentage.. So if your borrowing say $30K.. The most would be 5% or $1500.. it costs most companies more than that just to process and underwrite a loan, so more than likely they are going to pass... your only option is to find a Hard Money lender willing to lend you money based on the completed value, but even this will be tough since most HM lenders don't do loans under $100K, and even if the do, it's only at 60% to 70%.. You would have to have $9K to $11K out of pocket to do it.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

If you plan to live in (and you will have to) at least one half of the property, then it could fall under the FHA 203k program, but honestly, it is going to be very difficult to find a lender that is willing to do all that is required for a 203k of only $30K This means that in order to do this, you are going to have to finance the repairs out of pocket, find a rich relative willing to pony up the cash or partner with an investor that has the cash, and split the profits. If you don't have the cash, then this is one of those "Too good to be true" deals. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com ~ 888-889-9950

To be honest with you, with a loan amount of that size it isn't really worth any lender's time to process a loan that small. The commission earned on it would likely not even cover the cost of processing and underwriting it. I'd say you would need to try a local community bank but with it being an investment property they likely would balk at it as well. Sorry but if your going to invest in real estate projects to rehab and sell them then you need the cash on hand to do it.