Advice Needed: Fronting Money For Duplex Renovation
Just closed on my first investment property this past Monday, a duplex in Buffalo, NY! I secured financing from a hard money lender, including a $47k construction loan. Basically, as the rehab gets completed, say every few weeks or month, the lender will send someone to see how far the rehab has come along and reimburse me accordingly. I can front the cash if need be by selling stocks, but does anyone have alternative ideas how I could make the initial payment to the contractors without liquidating some of my stocks?
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@Erik Meltzer, depending on how much you have in stocks, you may be able to get a line of credit off their value. I'd ask the financial institution you have your portfolio with.