Rehab Loans in SubTo deals
I'm attempting a Subject To deal with No/Low money down since I am a rookie investor. I've got a few promising leads, but they require a good deal of rehab.
I want to avoid Cash Out Refi or other loans that would kill the cash flow. What strategies do you use in your creative financing deals to rehab a property while keeping $$$ in your pocket?
Do you use PMLs? What are typical terms with this approach?
Do you use Conventional? Is it through banks or credit unions?
I'm all ears!
#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Investor
- Austin, TX
Most hard money lenders will not lend on a property that has a lien on it. Your greatest chances to fund the rehab is with a partner.
It's so hard to maneuver in this industry with no capital.
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@Eliott Elias I had come to the same conclusion but wanted confirmation from someone who knows more about the space. Thank you for the reply!
If it's a Investment property and not your Primary home, there will be a good chunk down. Most Lenders only max out at 80% LTV