What/who would be best to use if I have no previous experience flipping or renovating a rental unit I know will be sold to me as was offered so I could pay to gain ownership then repair the 3 units in apartment building and use for future income and flipping projects to get started? My Credit score is very low so I would use the income from occupied units to pay plus repair credit.
Hello, Michele, and thank you for your question.
Based on what you’ve outlined above, it sounds like you may want to consider getting a Rehab Loan to improve your property. Rehab loans are typically a great tool for real estate investors who want to fix-and-flip or who want to fix up a property and hold it as a rental. Using a rehab loan you can often borrow up to 75% of the total property value, which will be determined by the lender you choose.
The best rehab loan provider that we’ve found is LendingHome. If you’re thinking about getting a rehab loan, we would strongly suggest that you check out LendingHome to see if they have a product that works for you.
Hope this helps and you’re able to get your property fixed up.