Purchasing 4 Plex In Buffalo
Hi just a ?, I am about to purchase a 4 unit residential in Buffalo for 54,000. It needs about 10,000 in work. My credit is excellent and was wondering how I could obtain a type of construction loan to get the place fixed up. Any help would be greatly appreciated 8-)
You should contact a lender or broker to get there list of line items they need, but essentially it will go like this.
You will need to get estimates for the work that will be done. Get three estimates, choose the most expensive for your lender, hire the least expensive when it comes time.
Then you will need an appraisal done, make sure that the numbers reflect before and after rehab amounts. Make sure you get an authrized appraiser from your lender, they have a list of appraisers that they do and/or do not use. You will also need an environmental, but again check with your lender.
After that it will depend on your lender.
Good Luck,
Kyle
Thank you for your help, I also had another question.Why is it so hard to find a lender that will finance 95-100 of the loan??? And do you know of any lenders that would do this for an investment property??? My credit is excellent, and I make well over what my current mortgage and the mortgage of my investment property would be.