Buying cash and financing rehab
Hello everyone!
I came across a great deal that I need to act on fast. Here are the details…
2 Bed 1 Bath Upper and Lower Duplex in a high demand rental market. The property is in distress but has good guts. ( dry poured basement, new roof, siding, plumbing, and updated electrical)
It would be a partnership deal. My partner would buy the home out rite in cash. Identical homes in this neighborhood are selling between 130k-145k and we can get it under contract for 55k cash. The catch is I need to come up with 40k for renovations as part of my end of the deal. I just recently financed a duplex through a conventional lender and a bank loan isn't an option. What are good alternatives to financing a rehab? I have about 4k to put down.
PS the seller is reviewing all offers tomorrow afternoon (11/14/16) so I need to figure this out fast. The home came on to the market today.
Any and all advice is truly appreciated.
Thanks,
Blake