I have some liquid funds that I would like to use for doing my first rehab in Grand Rapids,MI. I do own a rental property in the area so I am acquainted with the real estate market but this would be my first rehab. Ideally I would like to pay cash for a property but I do not have enough funds to cover both the property and rehab costs. I was considering using hard money to finance the property and my cash to cover rehab costs. Does any one have any suggestions or recommendations on financing for a first time rehab?
There are lenders that work specifically with rehabbers. They will finance up to 80% purchase price and all of the rehab budget. I've done some closings with FundThatFlip and they can probably work with you.
Try Groundfloor and zinc. I have worked with Groundfloor before but not zinc although I have heard good things (although their rates are higher). Shout if you need more options as I have a bunch of notes on this I can send as I’ve recently gone down this road myself and was new to it. Good luck!
Thank you for the suggestions everyone!!
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