Updated over 9 years ago on . Most recent reply
Financing a rehab
Are there any creative ways to fund a rehab on a rental? I am new to the real estate world. I bought my first duplex recently. I started the deal about a year ago on a land contract. I was able to pay cash to make the deal happen. When I started the deal, I was buying a duplex with both units rented. After everything was signed, the gentleman in the lower unit backed out of the lease because he didn't want to start paying rent. I started rehabbing the lower unit after he moved out. Got to about 60% completion. During this time, I got to know my upstairs tenants. I realized quickly that the payment i was receiving from them was not worth the heartache that they were causing; broken windows, broken doors, broken tubs, moving in the neighborhood. Now I am sitting on a house with no income and trying to fund the rehab out of pocket, making things drag.