Asked by Alex Cabral, Lawrence, MA • Tue Feb 28, 2012
I am a first time home owner and I'm interested in a property that just came on the market for 100,000 as in investment... I could do 20% of this house and possibly repair it to get rental income. The problem is .... would I loose on the FHA 3% purchase program, if i were to want to buy another house with a much higher cost?
As for the commercial loan... I know of a building that is not listed on the MLS and the seller is selling it for 189,000. It has commercial space on the first floor and about 5 illegal apartments on the 2nd and 3rd floor. the apartments are illegal because they are not on the deed and are not up to code. I want info on how to obtain a commercial loan as well as how much will an estimate cost to bring an apartment back into code? I know the apartments were built without a permit, and therefore might need a permit to reconstruct (plumming and electrical) and will also need fire escaladors as a 2nd way out. I need help to know where to start looking for more info
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