Financing Repair Costs - Need Creative Ideas

2 Replies

My wife and I are soon going to be closing on our 1st deal.  It is a duplex and we'll be doing a live in flip on the bottom and renting top.  It's a college town and we've found renters for the month following the closing date (expected to close in next couple weeks).  We are needing to make <$7000 in repairs but would prefer not to use our reserve cash.  Cash won't problem 2 months from now.

Ideas for financing repairs/materials or finding ways to delay payments for a few months?

Get a no/low interest balance transfer CC. You can find them anywhere from 12-18 months 0% interest, and a lot of them have $0 transfer fee when you first open it up. 

Ditto what JD said. If you have good credit and are okay with carrying some credit card debt, you can get 0% on purchases and/or balance transfers. I know that Chase Slate gives the terms that he mentions- 0% interest for 18 months plus no transfer fee. Citi Simplicity gives 18 months interest free but with 3% transfer fee. Also offers 0% on purchases, though, so if you will only use one card, this is the better option. I have and use both for different purposes.

NerdWallet discusses the different cards and their pros and cons, you may want to check them out.

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