All Forum Posts by: Craig Weidhorn

I took out a mortgage to purchase the property. I recognize now that a hard money lender may have been a better option but I am where I am at this point. I went into the project thinking that it would be a great rental investment as there are two units on the property (a historic 3 bed 2 bath home and a separate converted garage with a 1 bed 1 bath unit). Once I went into contract, my rental management company suggested that I look into flipping because the ARV would be nearly $300,000 over purchase price. I confirmed that with 2 other realtors and switched my thinking. Now I'm faced with the problem of restoring a historic home to be period accurate in order to get top dollar. Doing so costs more than I budgeted for when I was looking at it as a rental investment.

I just bought my first property well below market value. According to multiple real estate agents, once renovated it will be worth hundreds of thousands over purchase price. That said, I’ll need to invest about $100,000 into the renovation to get it there. I’ve got about $50,000 to put into it after closing costs and down payment. I put 30% down on the mortgage. Any suggestions on financing the renovation?