I was able to obtain ownership of a property to flip (Mother’s old house) with lots of potential. I now need to secure funding for the repairs. What source would you recommend I use to fund this? I need a 6 Month Loan of ~30K. I have the guidance of a retired flipper and a crew that will be doing the repairs ourselves. Any recommendations or other places I should ask this would be appreciated!
I would suggest using private money from either family or friends. If you don’t know of anyone then a hard money lender would be an option as well. Depending on who you use, they typically charge around 12% interest and a few points for the loan. You would have to see if the would be willing to find that small of an amount as well.
So you can borrow against the house for the rehab.
It would be the same rates as a purchase if you have owned the home for less than 3 months.
1 year bridge then sell or refi into long term options.
Just my 2 cents!