About 1 1/2 years ago, I purchased a house the was bank owned. I paid cash for it and now I only have to pay taxes on it. I am wanting to fix it up and sell it but not sure how to go about getting the money and where to start. Its livable but needs updated. I have replaced the kitchen cabinets and installed laminate wood floors. Its a module home. I would like to update both bathrooms, replace carpet in bedrooms and paint, maybe replace windows, update furnace and air conditioner, replace water heater and add a water softener since its on a well, replace doors, finish basement, redo yard as well as porch and maybe even add a garage to it. My problem is I don't have the best credit but I do own it out right. I'm looking for some advice.
If your intention is to fix and sell it, you might get with a hard money lender, they may loan without looking at credit. You may need to move out as well, they don't make loans to owner occupied borrowers. Get another address and they might make the loan, it will be a short term, so you'll need to sell to get them paid off most likely.
Might ask other banks as well, your credit might not be as bad as you think.
An investor might be interested in buying on a split profit basis, they fund it or they may even buy it.
Or, stay there and do what you can, pay as you go.
Without specifics, can't say what is best for you. Good luck :)
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.