Real Estate

Learn How To Buy a Multi-Unit Property for 3.5% Down with Renovations In The Mortgage

This Thursday evening we have a special edition of our Home Buyer Workshop geared toward the FHA 203k Loan Program. “We typically use FHA 203k with our buyers who are looking at fixer upper homes because the program lets you include funding for renovations within the mortgage payment. When combined with the DC Open Doors $0 Down Program, you can purchase a fixer upper  condo or single family home for $0 Down,” said Gerard DiRuggiero, Principal Broker of UrbanLand Company.

This Thursday’s Workshop will address using the FHA 203k loan for fixer uppers but will also focus on additional uses for the FHA 203k loan. “A lot of people do not know that you can use FHA 203k on an up to 4 unit multi-unit property, as long as you follow certain conditions. It’s why we often mention FHA 203k in the same sentence as ‘beginning real estate investing’. In this case, you can use FHA 203k and purchase at 3.5% down with updates and repairs included in the financing,” continued DiRuggiero.

Beginning real estate investors can use the program to eliminate a portion of their risk when buying their first investment property.  The loan eliminates a lot of the need for cash upfront for renovations and repairs. In simple terms, if you live in the purchased property in one of the units as your own primary residence, you can use FHA 203k for up to 4 units within a 1 building structure.  The other units can be rented out for rental income.

Live in one unit and rent the rest for investment income.

Those who want to learn more about what to look for when seeking out fixer upper homes or multi-unit properties should stop by this Thursday at 5:30pm. The Workshop is a hands-on format and is held at the UrbanLand Company offices at 913 Florida Avenue, NW.  RSVP via Facebook or by emailing

“There’s an increase in risk in buying homes that need work or renovation and it’s important to have quality guidance on your side. There is a careful balance between home price, the amount of known/documented work needed, and the effect of the renovations on the home’s future balance that must be understood by the buyer,” concluded DiRuggiero. “When you get into multi-unit properties, it gets a little more complicated. Our Workshops help take the mystery out of this type of purchase, so that you can decide if it works for you.”

UrbanLand Company is a downtown DC based real estate brokerage catering to homeowners, homebuyers, real estate investors and private developers. We regularly run Investor Workshops for beginning real estate investors, and our hands-on DC Open Doors informational workshops continue to be a popular destination for potential first time homebuyers in the city.

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