I own three homes and owe $12k in taxes for one. I’m considering applying for an FHA loan of $100k to fix them up and sell for $200-300k. Is this a good option? I’m unsure how to proceed.
Why FHA? Do you live in any of the properties? Are they all free and clear?
I don’t live in any of them, and they need serious repairs. I just heard about FHA and wanted advice.
You can’t do an FHA loan unless it’s your primary residence.
FHA isn’t really an option in your situation. You might need to look into cash-out refinancing or fix-and-flip loans.
Consider getting estimates for the renovations. Your $80k estimate might be low in today’s market. FHA 203(k) loans require you to live in one of the units.
Selling one property and using the funds to fix another could be a better strategy. No lender will cash out for homes in bad condition.