Need to find rehab funding for inherited property

Need to find rehab funding for inherited property

Rental Property Investor · Pittsburgh, PA · Member since 2018 · 20 posts · 4 votes

I inherited a single family house in a nice neighborhood in PA.  There was a small mortgage on the property yet needs some serious renovation.  Due to having money tied up in other investments, what is the best way to get funds to get this property renovated in order to sell? Mortgage left is about $30k - current value is at 200k - I'm a bit scared of hard money lenders.  Any assistance/advice would be greatly appreciated.  

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  • Christi HawkinsPro Member
    Columbus, OH · Member since 2017 · 239 posts · 142 votes
    8y

    What about taking out a HELOC on the property or even a second Mortgage to do the repairs. Based on the value you certainly have the equity to do it.

  • Real Estate Investor · Palm Beach County, FL · Member since 2017 · 3k+ posts · 2k+ votes
    8y

    HELOC or private money would be my suggestions.

  • Rental Property Investor · Pittsburgh, PA · Member since 2018 · 20 posts · 4 votes
    8y

    Thank you all so much for the responses. Ill look into HELOC Monday morning.

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