FundRobot » Investments » 203K Loan The Way To Go?

Reply
Old   #1 (permalink)
 
Posts: 2,646
Default 203k loan the way to go

Long story short, I came across a property I've always admired from afar, for sale yesterday. The property is 14.22 acres with an acre-sized pond & an unfinished one bedroom house right on the water. It is a bank foreclosure & is listed at 75k. The "house" is literally on the water. The stilts holding the porch are actually concreted into the ground in the pond. The rest of the house's foundation is up on solid bank supported by a concrete & cinder block wall. The old feller who lived there did everything up til adding insulation, hanging drywall, laying hardwood/tile, and adding exterior siding. Subfloor is doubled. plywood first, then OSB. It also has a relatively new roof. So it's pretty much bones, but it looks to have been done correctly. I realize I need to bring someone licensed in to inspect it to see, but would you say this type of situation would qualify for a 203k loan or a similar loan for an unfinished house? We would plan on finishing out whats been started, including electrical and plumbing, plus add on a large bedroom & extend the kitchen. I realize there are all kinds of codes & permits required for this type of construction/remodel(?) but I'm just wondering if this is the type of loan to look into. We would try to negotiate the sale price & then borrow between 8-10,00 for necessary renovations to make it live able. Where I live, a finished house with 1-2 acres can run you from 70k to 100k. So this just seems like a good investment.

Mary500 is offline   Reply With Quote
Reply

Bookmarks

Thread Tools