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Brad Spuhler
  • Rental Property Investor
  • PA & NJ
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37
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Looking for advice on my first deal, rehab funding questions

Brad Spuhler
  • Rental Property Investor
  • PA & NJ
Posted Jul 17 2019, 19:38

Looking for any advice on my first rental property "deal."  I'm taking over a top/down duplex from my parents (so maybe not an actual deal!), they own it free & clear but it needs a ton of work since they got burned by a previous contractor.  First floor unit is down to the studs and top floor unit is closer to being rent ready.  I'm getting contractors in soon to help me estimate the costs but I imagine they are upwards of $50k+ to get it rent ready.   I'm looking to use this property to help me fund future deals and just curious how I should think about funding the rehab.  I could probably scrape together funds from personal accounts/family etc to cover the rehab but not sure if that's the best way.  Hoping to get both units rented then either take out a home equity loan or line of credit to fund another deal.  Open to any ideas or thoughts on the rehab funding and thanks in advance for the help!

-Brad

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