This remodel will run my bank account dry, or very close to it.
What kind of financing can I find? Is there a “ rehab “ style LOAN I could qualify for?
- Should I go the PERSONAL loan route?
There are conventional rehab loans. Talk to your local mortgage lender. The average bank may not deal with them.
The next options are hard money, private money, or a partnership.
There are several types of rehab loans and fix and flip loans, there are also angel investors and partnerships.
@Charlie Moore I'm about to start a rehab on a property I'll be holding, but I don't want to run my funds down. If you have another property with some equity, you could use a Home Equity Line of Credit (HELOC) to finance the repairs. Another option, which I will probably use, is to find a credit card with no interest for the first year and see what kind of limit you can get on it. Depends on what you anticipate in repairs.
How many financed properties do you currently have? I am aware of some renovation loans for investors, but they limit you to 4 properties, including subject property.