Hard Money in MD when you already own the home

Hard Money in MD when you already own the home

Investor · Sykesville, MD · Member since 2013 · 19 posts · 1 vote

I have a house in Maryland that I just moved back into. My ex got to live in it for the last 3 years under the divorce terms. During that time she trashed it a bit. My realtor tells me once fixed up it will sell quickly because my area is starving for inventory. I got estimates on the fixup needed and am looking at $15-20k. Any suggestions on getting that much money when I already own the house and am living in it?  It's going on the market June 1 so I need to move on it. 

Thanks.

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  • Realtor/Investor · Gaithersburg, MD · Member since 2013 · 7 posts · 1 vote
    9y

    Hard money is expensive and I would avoid it if you can.  How's your credit?  If it is decent and you have equity, I would look at taking out a home equity loan.  Have you looked into that? 

  • SW Florida/Maryland · Member since 2016 · 89 posts · 36 votes
    9y

    It will be hard to get a hard money loan while you are living in the property. Hard money lenders want to loan on properties that are being used for a commercial purpose. 

  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    9y
    Jeremy Paris How much is the home worth and how much is the mortgage balance ?
    7e investments53 Reviews
  • Real Estate Agent · Charlotte Hall, MD · Member since 2015 · 90 posts · 28 votes
    9y

    @Jeremy Paris PM me when you have a chance, I would like to ask you some questions.

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