Flipper/Rehabber · Hastings, MI · Member since 2017 · 8 posts · 2 votes
I just bought a small house 2 bed 2 bath on 3.5 acres. how would I get money to fix it up as the price to buy it kinda left me without much funds left over....I do not have any anyone I can turn to as an investing partner and my credit is only 500 so what can I do?
Contractor · Coeurdelane, ID · Member since 2017 · 73 posts · 34 votes
9y
Kyle, what is the goal with the house? To fix and flip? Brrrr? or are you going to live in it yourself as a primary residence? If the strategy and deal are out in the open and the numbers seem right I am sure you can find a partner/investor to go into it with you
Flipper/Rehabber · Hastings, MI · Member since 2017 · 8 posts · 2 votes
9y
this is not a rental it will be a fix and flip why did I buy it with out having money to fix well the numbers made sense and I only had enough to buy the house! I seen an opening and I went for it now I don't have the funds to do the repairs needed I got a good deal on the house and the repair estimates are around 30,000 the home should sell around 125,000.00 once fixed
Lender · Turnersville, NJ · Member since 2016 · 173 posts · 68 votes
9y
@Kyle Hoyt if the ARV is $125k and the rehab is $30k and you bought the house cash, you should be able to find a HML that will fund it. What was the purchase price of the house?
Rockaway, NJ · Member since 2016 · 2k+ posts · 2k+ votes
9y
If the house is owned outright, and only needs $30k in repairs, it is likely nice enough that you can get a mortgage for up to 70% loan to value, which should give you enough cash, at a reasonable interest rate.