Fort Lauderdale, FL · Member since 2017 · 11 posts · 2 votes
So I need some advice on different ways to fund a rehab. I have enough capital for a down payment however, I want to avoid using all of my capital preserve for one property. What would be the best route to take to address this issue?
A hard money lender is always an option. Along those lines, if you have contacts with other investors/family you could always offer them a fixed return on their money. A HELOC is possible if you have some equity in your home you could tap into. If none of those are possible and the deal is on the line, try posting the specifics and exactly what you need. Maybe someone is willing to partner with you for the deal.
A hard money lender is always an option. Along those lines, if you have contacts with other investors/family you could always offer them a fixed return on their money. A HELOC is possible if you have some equity in your home you could tap into. If none of those are possible and the deal is on the line, try posting the specifics and exactly what you need. Maybe someone is willing to partner with you for the deal.
@Kevin Suttles. There are new conventional loans with rehab funding but they have some hoops and restrictions of course. Private financing may be better short term. Mind sharing the address?
I just got my loan with the rehab money included. I just had to give them a list of the improvements that I was going to do on it and they asked the appraiser to give a number based on that. Not only did I get the rehab money, I didn't have to pay anything down because it was going to resell at a much higher price.