Flipper/Rehabber · Lombard, IL · Member since 2018 · 2 posts · 0 votes
I am having trouble getting conventional financing for a fix and flip deal on a SFH. The problem is our debt-to-income ration is too high to support both the mortgage and rehab costs.
Details of deal- 225k Purchase price, 50k rehab cost, and 365k ARV.
We are currently doing a large rehab on our primary residence that we own mortgage free but is preventing a HELOC. We have approximately 30k in cash, and access to more funds in 401k accounts. Any advice on how to find financing?
Flipper/Rehabber · Lombard, IL · Member since 2018 · 2 posts · 0 votes
7y
A co-signee could be a good option. We are waiting on confirmation, but we are pretty sure we can get financing for the mortgage only. Possibly, then we can get someone to co-sign a HELOC (on our primary residence) for the rehab cost. We may need drive-by only appraisal since we still have unfinished renovation in our home?