Updated over 10 years ago on . Most recent reply
home remodeling loan
Hello,
My husband just bought a home to rent out that needs lots of remodeling done.. He thought he would be able to get a "home remodeling" loan but it turns out one cant get one until home has some equity.
what are types of loans to be able to fix the house up ASAP?
thanks1
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Jon Holdman
#3 Real Estate Deal Analysis & Advice Contributor
#3 Real Estate Deal Analysis & Advice Contributor
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Jon Holdman#3 Real Estate Deal Analysis & Advice Contributor
#3 Real Estate Deal Analysis & Advice Contributor
- Rental Property Investor
- Mercer Island, WA
Did you buy it with cash or is it mortgaged? If its free and clear you could get a hard money loan against it. Probably can't if its mortgaged, though.
Other sources of cash could include:
- private money (i.e., people you know who are willing to lend to you)
- 401k loan
- loan against a different property
- sell something
- personal loan
- credit cards and credit card cash advances
- get a second job