Funding rehab of my first property

[Michael Mackney]

Hey guys, I purchased my first property, a duplex, back in early April. At that time the property did not need any huge rehab needs, more cosmetic stuff later on. So I fixed immediate concerns such as a leaky toilet, broken handrail, etc. I didn't want to do too much at first and overwhelm myself on my first deal.

Now, I am thinking of giving it a cosmetic facelift to raise rents. My question is, what are the options to fund this? I know if I was doing a BRRRR, a hard money loan could have helped with purchase and rehab but is a hard money loan ideal for just rehab? Would I still have to refinance to pay back the lender if I did that?

[Matt Bishop]

@Michael Mackney, if the property is cash flowing, ride it out a few years while you save cash to pay for the upgrades or to pay off the mortgage. Will the upgrades increase your rents enough to justify the expense plus interest? Paid for rental homes are sure nice to own.