Funding options for a buy & hold, rental & personal residence
Hi BP!
Bear with me, although I've been a member for several months, this will be my first time posting. I'm new to investing and have been trying to learn as much as possible from BP as well as my local REI group over the last few months.
I have stumbled onto a potential investment property, one that I would like to hold and rent out using short term / vacation rental methods, while also living in it myself. The current owners are willing to do owner financing, which seems, given my current financial status, a great option for me. The only issue is that in addition to the purchase of $60k, I am estimating I need about $20k to fund renovations that would be necessary before renting. I realize that it is extremely unlikely a private or hard money lender would be willing to take a 2nd place lien (after the owners).
Knowing that traditional /conventional financing is not an option for me, what other creative methods could I think about? Would it be possible to get private money for this type of buy & hold and finance the purchase + the renovations together - i.e. the $80k?
As if that wasn't enough to think about for a newbie, I've also found a really great property to flip. This one has the potential to garner enough profit to fund the renovations on the first property and then some. So one thought is to move forward with the owner financing on the first, get private money and/or a partner for flipping the second and use the profits to fund the rental renovations.
Much appreciation in advance for any comments, suggestions, and / or contacts in the Atlanta area that might be interested in working with me!
Hope everyone is having a successful day!
Best,
Donna