This is arguably the best real estate investing loan on the market today. It funds the purchase, renovation, closing costs, and up to six months of mortgage payments, so you’re not on the hook when renovating a vacant property, all for 3.5% down.
Today’s guest used it to put down just $9,000 on a house and, less than a year later, had $150,000 in equity. It changed his life and enabled him to become a real estate millionaire, even in an unaffordable market.
Matt Porcaro (AKA The 203k Way) was working in construction in America’s most expensive market—New York City. He could only get preapproved for a loan of a few hundred thousand dollars, which doesn’t buy much in NYC. When a local investor told him about the FHA 203(k) loan, his entire world opened up, and changed his trajectory forever. Now, he has over $1,000,000 in equity and over $2,000,000 in real estate—after just starting with $9,000.
Today, Matt explains the 203(k) loan from start to finish—how much money you need to put down, how to get preapproved, finding contractors, paying for the renovation, what to know before you start, and a new change that makes it even more lucrative in expensive areas of the country. Beginners: This changes the game entirely.
In This Episode We Cover
The best beginner real estate investing loan that only requires 3.5% down
Why getting a 203(k) loan is much less complicated than you think it is
How Matt turned $9,000 into $150,000 in equity in less than a year
The exact steps to take when getting a 203(k) loan (easier method)
A new change to the 203(k) loan that makes getting approved even easier
And So Much More!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/real-estate-1286.
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