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Creative Real Estate Financing

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Steve Sapowsky
  • Investor
  • Granby, MA
15
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70
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Financing my rehab

Steve Sapowsky
  • Investor
  • Granby, MA
Posted Aug 21 2016, 06:26

I will be closing on my first deal in the next couple weeks and I have the funds for purchase and closing. What are my best options for financing the rehab? (Appx $120k) I am a GC and will be doing a lot of the work myself so the cost probably won't get that high but I want to be realistic and plan for any unforseen challenges. There are two houses in the deal. Our plan is to fix up the smaller one right away so we can start renting it out ASAP. then move onto the larger house which we will renovate and live in until we finish building our own home elsewhere. Once we move out we will also rent out this home. Combined rents will be somewhere between $2000-2300. Are there any lenders on here that would finance initially for say interest only payments for 6 mos-1 yr until we could refinance? Are banks our best option? Looking for some creative feedback. Thank you!

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