No experience, No money, 1 home, have a plan

2 Replies

MyDad has left me a two bedroom one bathroom single-family home in East Austin not far from downtown. The home needs to be rehabbed, but I have no money.I plan on listing the property on Airbnb because of the number of people visiting Austin, and the Covid restrictions being lifted. With the returns from the Airbnb I plan on covering the rehab cost and services. I am new to real estate and looking to get started can anyone help?

If you own the home free and clear you can do a cash out refinance and get cash that way or you can do a Home Equity Line of Credit, which allows you to borrow against the equity in the home, kind of like a credit card. Speak with a lender and they can help you with the best solution. Good luck!

Originally posted by @Courtlan Ross :

MyDad has left me a two bedroom one bathroom single-family home in East Austin not far from downtown. The home needs to be rehabbed, but I have no money.I plan on listing the property on Airbnb because of the number of people visiting Austin, and the Covid restrictions being lifted. With the returns from the Airbnb I plan on covering the rehab cost and services. I am new to real estate and looking to get started can anyone help?

 Like as has been said, do a home equity loan for the amount you need. 

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