The Best Way to Fund Some Rehab Work I Want Done

9 Replies

Hello there,

I am considering different ways to fund the rest of the rehab work I need done on a duplex I purchased earlier this year.

The Facts:

- Its not a major rehab. I want to give the side I'm occupying somewhat of a facelift.

- I have already taken out cabinets, vanities, toilets, carpet (from two bedrooms/ will replace with laminate wood / I WILL NOT DO CARPET IN MY RENTALS!!!!!!) and I'm having the interior repainted.

My question should I just save up the money (from my 9-5) and pay for the rehab that way? (Which is what I'm kind of already doing getting everything fixed in stages. Only thing is its taken a bit longer than I anticipated. I purchased the property in April)

OR

Take out a small loan from somewhere to fund the rest of the repairs (and throw getting the appliances in there too)? Surely there are some safe investor friendly ones that are made for this very thing. Not those sleazy grimy SpeedyCash type loans with 700% interest written in teeny tiny fine print.

Let me know what my options are in this particular case? Whats the best course of action moving forward?

@Mitch Price I’m a big fan of personal lines of unsecured credit at my local bank . I’m also a big fan of paying it off quick too though . If it’s under ten grand I’d go that route and pay it off as quickly as possible .
@Caleb Heimsoth . I was thinking around $3 - 4K should be enough to knock out the rest of the rehab I'm debating on whether I should just save that amount use my personal funds because it isn't that much that is needed
Originally posted by @Mitch Price :
@Caleb Heimsoth. I was thinking around $3 - 4K should be enough to knock out the rest of the rehab I'm debating on whether I should just save that amount use my personal funds because it isn't that much that is needed

Witj that small amount of money I would just use your own cash. You’ll spend hundreds to gain access to thousands, not worth it.

when I do personal stuff, I open a new credit card with 12+ months of 0 interest and a nice sign up bonus like $150 or $200 cash back. Of course, this would require the total cost to be something you can payoff in 12 months. If so, that's the best way to go.

How's your credit? 0% APR for 12-18 month credit cards aren't hard to find. You'll pay a balance transfer fee if you want to take out cash rather than do purchases but at ~3% the money is still basically free once you factor in inflation.