RE: I'm looking to purchase a multi-family property in Upstate New York.
I'm pre-approved for FHA 203K, however, the process is really long, and requires the borrower to find a licensed general contractor.
However, as a backup plan, I was thinking of using a personal loan for the purchase. Then using my CC's for repairs.
One benefit or using the personal loan is that my loan amount would be near 35-40k. I would be my own GC and hire sub-contractors where needed.
Compared to the FHA203k, I would be borrowing @least 80k to make it worthwhile and required to work with a GC who would be responsible for the entire project, but will charge me a premium.