Creative funding needed to finish renovations

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Creative funding needed to finish renovations

Sondra Gilbert
Member since 2022 · 2 posts · 0 votes

I bought a property last year in cash. Property has an apartment (2/1) and a main house (3/2). The property is 2 PINs, so different addresses for each place. Apartment is finished but the main house still needs about $70k to finish it to rent. I have been living off of savings so there's no reportable income. Any ideas on taking some money out of equity of apartment without needing proof of income? Thanks in advance!

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  • Shaunta M.
    Real Estate Investor · Marietta, GA · Member since 2016 · 83 posts · 5 votes
    3y

    I can help. Just inbox your contact info.  

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  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    3y

    @Sondra Gilbert

    If one is complete and if it's rented you could get a DSCR loan

    We also do private lending and what we and other lenders would need to know is

    1. what is the value of the completed home,

    2. what is the as is value of the home needing renovation

    3. What is the ARV of the home needing renovation

    4. Is the completed home rented - if so for how much

    5. What is anticipated rent on unfinished property when completed?

    Thanks

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  • Sondra Gilbert
    OP
    Member since 2022 · 2 posts · 0 votes
    3y
    Quote from @Chris Seveney:

    @Sondra Gilbert

    If one is complete and if it's rented you could get a DSCR loan

    We also do private lending and what we and other lenders would need to know is

    1. what is the value of the completed home,

    2. what is the as is value of the home needing renovation

    3. What is the ARV of the home needing renovation

    4. Is the completed home rented - if so for how much

    5. What is anticipated rent on unfinished property when completed?

    Thanks


     Chris, this is great, I'm trying to put all this information into one place and I've been scouring the internet for templates to run numbers to make sure I'm on the right track here.. I have the data, just need to put it into a template to make the numbers make sense. What kind of template would I be looking for? I've tried using different rental cost analysis for this but seem to be missing something here. Thank you for your guidance.

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