Where to get money to fix up the house after purchased?

Question

So i bought a house and now im trying to fix it so i can rent it but i need a lot of money to fix it and i dont have any money to do so. My credit is in the 700s ,but im not sure if i can get a loan or where to even get one im only 23 years old.

Thank you in advance for all your help.

Angie Shires · Answer

I would personally start with a credit union or bank that I have a relationship with. Pull your credit before you talk to anyone to make sure there are no surprises.

Jonathan Guerrero · Answer

@Angie Shires Thank you for responding.

1. I put 30% down on a personal loan with the owner (not a bank).

2. I dont know what my DTI is exactly, but i have very little debt.

3. No i dont plan to live there while rehabbing the property.

4. I approximately need around

20,000 to fix it

I want to rent the property out after fixing it.

Angie Shires · Answer

@Jonathan Guerrero congratulations!

I’ll start with a few questions.

Did you pay cash for the house?

How’s your DTI?

Are you planning to live there while you rehab (fix and flip).

How much money do you think the rehab will cost?

You’ve already conquered the greatest hurdle, you’ve purchased you 1st investment property...some people never make the leap!

Where to get money to fix up the house after purchased?

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