Updated over 12 years ago on . Most recent reply
Financing a flip
Ok. So there is a house that I am investing in that has a lot of potential. It needs roughly 20,000 in renovation. I plan on using a HELOC for the 20% down and financing through a local mortgage company for the rest. There is enough remaining in the HELOC after the dwn payment for about 7 months of mortgage payments and utilities. Now, I was thinking of using credit cards at Home Depot and or Lowes for the supplies and some of the labor. I would get the 6 or 12 month no interest financing. Is there any other ideas about financing the 20,000 in rehab supplies and labor? I think that the 203K loan would be FHA which would probably be a pain and may not be even for investment properties. I am going to talk with the mortgage people tomorrow but thought some of you may have run into the same kind of problem.