Rehab loan on a property I already own

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Rehab loan on a property I already own

Mike Sands
Philadelphia, PA · Member since 2016 · 16 posts · 4 votes

hey! So I am very new to this and this question may be silly, but aside from anything conventional, could I get private or hard money just for a rehab on a property I already own free and clear? What would be the  necessary steps to do so? 

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Alex BekezaBusiness Member
Lender · Los Angeles, CA · Member since 2018 · 2k+ posts · 1k+ votes
8y

@Mike Sands Well if you bought it for $9k and its a wreck then there's not lender that will touch it. I'd look into some 0% APR for the first 18 months Credit Cards but it sounds like the amount of money you're looking for is too small for most hard money lenders to want to get involved with.

I could be wrong.... dig through the hard money lender database on this site and see if someone does this in your area.  Its under the "network" tab.  

Best of luck on this project!

[email protected]818-606-8823
Investor Property Loan5306 Reviews
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  • Alex BekezaBusiness Member
    Lender · Los Angeles, CA · Member since 2018 · 2k+ posts · 1k+ votes
    8y

    @Mike Sands You can absolutely do a cash out refinance and use the proceeds to renovate the property.  

    [email protected]818-606-8823
    Investor Property Loan5306 Reviews
    WebsiteView Page
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  • Mike Sands
    OP
    Philadelphia, PA · Member since 2016 · 16 posts · 4 votes
    8y
    Originally posted by @Alex Bekeza:

    @Mike Sands You can absolutely do a cash out refinance and use the proceeds to renovate the property.   

    The home is in shambles, I purchased it for $9,000 but right next door there are rehabs down the entire block, I can still do a cash out refinance and use that money to do a complete rehab?

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  • Alex BekezaBusiness Member
    Lender · Los Angeles, CA · Member since 2018 · 2k+ posts · 1k+ votes
    8y

    @Mike Sands Well if you bought it for $9k and its a wreck then there's not lender that will touch it. I'd look into some 0% APR for the first 18 months Credit Cards but it sounds like the amount of money you're looking for is too small for most hard money lenders to want to get involved with.

    I could be wrong.... dig through the hard money lender database on this site and see if someone does this in your area.  Its under the "network" tab.  

    Best of luck on this project!

    [email protected]818-606-8823
    Investor Property Loan5306 Reviews
    WebsiteView Page
    1Reply
  • Chris MasonPro Member
    Moderator
    Lender · CA · Member since 2015 · 9k+ posts · 10k+ votes
    8y
    Originally posted by @Mike Sands:
    Originally posted by @Alex Bekeza:

    @Mike Sands You can absolutely do a cash out refinance and use the proceeds to renovate the property.   

    The home is in shambles, I purchased it for $9,000 but right next door there are rehabs down the entire block, I can still do a cash out refinance and use that money to do a complete rehab?

    HomeStyle can be used for SFR investment properties. It's a reno mortgage. And you actually own the property, so this isn't a long-shot at all.

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