Get property now or pass?

[Tia Anderson]

Good morning everyone! So I have a question. If I don't have enough money to renovate the house but I have the amount to pay a house in cash, should I go ahead and buy the property or should I wait until I have sufficient money to do both. 

I was thinking about buying it and living in it for a couple of months and using money from a fulltime job to pay for renovations. I'm trying not to use the bank on the first property I buy since the house will be under 25k. Any suggestions?

[Joe Villeneuve]

Before you can answer that questions, you need answers the the "short list" of questions below:

1 How's your credit?  
2 How long will the renovations take?
3 Do you have the crews in place to do the rehab?  
4 What are you going to do with the property after you rehab it (exit strategy)?
5 What is the projected value of the property after rehab?

My questions:

1 Why don't you want to use the bank?
2 Do you have access to 0% interest credit cards of Line of Credit?
3 Do you have access to a potential partner ($25k is pretty small amount)?
4 What is the cost of the property?

Joe Villeneuve
REcapSystem
A2REIC