My two business partners and I are fairly new and have been networking, making offers, and pounding the pavement we have built up a decent buyers list. Through networking we have been approached by a friend of the family about looking for a home for her she is pre approved for a FHA loan.
So we are considering finding a fixer upper home for her and get funding for the home and repairs. Doing the rehab ourselves. What would be the best source of funding for this type of flip?
Depending on your partners and your credit, you may be able to get a personal line of credit from a bank.1 or all three can try and that should cover the rehab cost. Try local banks and see what they are willing to loan on. Just make sure you buy right and account for carrying cost (dont forget utilities, deposits, exc.) as well as closing.
Thanks @Lucas Housos for your response. So you think personal loan with all 3 on the loan would be the best route. What about private money lender or hard money loan with a personal loan ? Just curious to why the personal loan would be best option. Is it due to intrest associated with the other loans?
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