I’m doing a live in flip. I wanted to do the project without going taking a loan but it’s going too slow. Any suggestions? Should I get a hard money loan?
@Gabriel Fairman most hard money lenders do not lend to owner occupied residences. You might be better off if there is any equity in the home to do a HELOC
If you are going to live in the property that disqualifies any hard money lender I can think of. They can't lend to homeowners. What about your situation is causing it to be slow? A good bank should be able to close in 30-45 days depending on the situation
@Odie Ayaga I figure the Reno would cost about 50-60K. I figured I could do the about small projects to offset the total cost but it’s just happening slowly. I’d rather just take out the money to have it completed by a professional at this point.
What my partner did, and what may work for you if you can get in the property and get the work started with your own funds, is you could take out a HELOC once the property is worth more and use that to help get you to the finish line.