I have a question. I have a property that I am looking to acquire. This property is a family rental property with a tenant and the property is in Orlando Florida. The property currently is rented and it has always been occupied with renters. The house has been in my family for over 20 years and I want to take it over as the owner. It needs 40k worth of renovations and updates my plan is to refinance it and take the cash out and clear some debt and rehab my next property with is a town house that I currently living in. Can someone advice me of a way other than credit cards to get the capital to rehab the property and get rolling toward being a multi door investor?
From mister No money saved, Credit challenged, want to be a great investor?
Rental Property Investor · Orlando, FL · Member since 2017 · 207 posts · 125 votes
7y
@Damon Rowe You can try a hard money lender or private lender for a short term loan to complete the reno and then cash them out when you refi. Another option is to bring in a partner with the capital you need, but it being a long time family property, that may not be the best fit.
I have a question. I have a property that I am looking to acquire. This property is a family rental property with a tenant and the property is in Orlando Florida. The property currently is rented and it has always been occupied with renters. The house has been in my family for over 20 years and I want to take it over as the owner. It needs 40k worth of renovations and updates my plan is to refinance it and take the cash out and clear some debt and rehab my next property with is a town house that I currently living in. Can someone advice me of a way other than credit cards to get the capital to rehab the property and get rolling toward being a multi door investor?
From mister No money saved, Credit challenged, want to be a great investor?