5 mortgage free properties left in inheritance

[Ali Gencarelli]

Hi, I need some help. I have 5 properties left to me after my father passed away. However, 3 need major repairs, new kitchens bathrooms, insulation, plumbing you name it it probably needs work. I was raised in a cash house hold and we very rarely ever used credit so I have no credit because I was raised with the if you can't afford it you don't need it mentality. That being said I also have no debt. I know if I want these properties to succeed I need to change my feelings on debt but because I have no credit I'm having a hard time financing. How can I finance what looks like potentially 100k worth of work on these properties? I would prefer not to have to sale. 

I've thought about getting a credit card or a small loan to build my credit but I also have 1 property that most of the major work is done. It just needs some rather expensive finishing touches and I am out of cash. 

Thank you for your time!

[Caroline Gerardo]

How close are you in proximity to the properties? How handy are you at repairs? Have you secured the doors and added cameras or put a guard dog on duty? 

Get one done and looking cute and leased in 35 days. Then get lender who can work on your credit, help you look good on paper. Finance the one that is ready to go and hire help to do the work you don't know how to do yourself. Lists, organize, shop for parts, get handyman partner/insurance agent/lender/your team of helpers