Looking to purchase my first property investment...
Okay, I threw spaghetti offers at properties in Indianapolis last two weeks. One property came through and I now have it under contract for $8,000. My goal with this property is to rehab it, refinance it and rent it out. I think it's smart to build up a passive income with this first property investment.
The thing that is a little confusing with me is about bank mortgages. Let say I have 10k cash and I buy this property with it. But I need about 25k more for rehab. Who can I go to for that loan. See, now I'm only 19 years old and I just started building my credit. I don't think the banks going to qualify my loan. I'm kind of stuck here now and I don't know what to do.
I guess the question that I am really asking is....I have 10k cash and I can buy this property for 8.5k But what can I do with rehab? I need cash for it and I don't have that much.