Ideas on Where to Look for Renovation Funding

[Tyler Harz]

I'm in a little bit of a pickle at the moment.

I bought a property for cash ($10,000). 2br/1b in Reading Pa. Needed 8-10k of work. ARV 30-35k. I figured I could take a line of credit out on the equity once I bought it, but that has not been possible with any banks or online lenders with my credit history being so short (4 months).

Should have realized that would have been a roadblock when I bought the place. But, best case scenario I get funding and renovate the property and rent it out. Worst case, I don't get funding and have to wait 6-7 months to save up to use personal cash to renovate. And it just takes a bit of time. Personally I don't want to wait if I don't have to.

I own a computer store as my main business and source of income and figured I can look for a cash advance or working capital loan as we gross about 100k a year. BUT another impass there is that my business being set up as a sole proprietorship and sharing my personal bank account, lenders once again look at my personal credit and thence deny.

Anyway. I don't have any family with good credit that I know of that I can work with. And am not sure if I have anywhere else to turn or if I should put this project on hold. What would you do in this situation?