I have purchased (no mortgage) a single family home. I used cash for the purchase and the rehab due to my credit. I have exhausted my funds and need an additional $4,000.00 or less to complete the project and pass inspection. This is a buy and hold property. Does anyone have any suggestions on where I can borrow the money from to complete the project?
@Kizzy Robb if you're actually looking for the name of a lender, you will need to post in the Marketplace.
For only $4000, though, there are a number of sources.
- Credit cards and credit card cash advances
- Personal loan from a bank or credit union
- Sell something
- Borrow from friends or family.
- Online peer to peer lending sites.
Jon - Thank you. I will do that. I have exhausted some of those options and others are not an option all together. I will look into the online peer to peer lending sites.
@Kizzy Robb for that amount I would think peer to peer would be your best option. Be prepared though, depending on your credit and how risky they determine the investment to be you could pay as little as 6% all the way up 36%.
I can help you with a loan at 50% of the value of the property. Please connect with me directly through BP. Thanks!
@Darren Eady great support sir.
To echo what has already been stated, personal loans. Credit unions are great for this. Gritting my teeth as a dare to say, hard money loan for the repairs and negotiate fiercely on the points.
But, I take it at this point you might be a little desperate so, don't make are brash decision, hold true to your strategy, if in fact it is still applicable.
Keep us posted.
@ Darron - Thank you, I've sent you a request to connect.
@ Davon - Thank you. I appreciate the support and advice.
You can cash out refinance the property as well.
Here is some info on cash out refinancing. The property would have to be in livable condition.
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!