Purchased a house cash now I need rehab funding

6 Replies

I need to know who to talk to and what steps to take now that I purchased my first investment property that needs work done. I’m mostly concerned about how to get the financing to get it up to livable conditions .

Can you refinance some of that cash out to pay for the rehab?

As J says refi, credit cards, heloc on your personal residence, hard money, loan against a paid off car, loan from your 401k fund, loan from family (I don't like to do business with family but...), sell something like a spare car, jewelry, etc, rent your current house and live in your rehab and use rental income to fund construction, personal signature loan. That's all I can think of right now.

@Jasmine Coley have you looked into websites like SoFi, Marcus, Prosper, etc? I’ve seen other people on the forum mentioned they’ve used those successfully. And then they just refi out of the personal loan into a fixed loan with a local bank.

Hope that info helps!

Originally posted by @Jasmine Coley :

@Tony Robinson

Hey I’m super late but how can you refi something that was purchased in cash ? Or that doesn’t matter ? And no I haven’t

 Yes you can refi something that is purchased in cash. A lender would do an aprasial and then give you a loan based on that. The only issue I think you may run into with doing a refi on that property is many lenders may not refi on a property that is not livable. 

Just wondering but did you not have an answer to this question (how to pay to fix it?) before you made the purchase?

Also, have you figured something out yet as it has been a while?