I got hit with a 15,000 repair build for my SFH. i currently dont have it.
I have a few question . Can I used hard money down for home improvement and refiance afterwards even if the property only go up slighlty in value since it is a single family house.
If any one has a better way to solve this let me know. I am open to all suggestion.
- How much equity do you currently have?
- What do you think FMV is now vs. after the repairs?
- How much are you cash flowing each month after all expenses and debt service?
1. Several thousand ( SFH cost 33,000)
2. 33,000 now vs after repairs ( dont know). We have to remove the Lead paint and replace doors and get everything up to City code.
3. Was cashing flowing over 300. ( Tenant moved out)
Do you have a loan on the property now? Most hard money lenders don't want to be in 2nd position.
These are dangerous strategies, but how about credit cards? Personal line of credit? Short term high interest loans I keep hearing about on the radio?
@Nick C. Yep. I have a loan on it now.
My money is tied in on other investment.