I am buying my first property with cash in PA. The home is in need of major repairs, and I may need funds for a full rehab.
I have good credit and employment, but I used all of my cash reserves for the purchase of the property. Are there lending options for my situation?
@Phil might be hard to help. Should have used a lender to help with the rehab at the beginning.
You might be able to utilize a private lender for the rehab dollars. Not sure what the numbers are. Purchase and rehab numbers. If the purchase was 100K and rehab is 40K and the ARV is 200,000 then there is plenty of equity to protect the investor. Is this a flip or buy n hold? I prefer to use debt investors where I pay an interest rate and not equity.
This Is an, AS IS purchase that came about very quickly, for a Flip
The purchase price is 50k the Rehab looks to be between 60 and 80K. The ARV should be between 200 and 215k based on the conservative comps in the area. I have a closing date of early March.