WV - Found a deal in need of major renovations. Now what?

[Amanda Gill]

I've come across a house listed on the MLS in my area that is listed at $49.9k in an area of town where houses regularly sell from $135-300k but typically mostly in the $200-250k range. This is in WV. I'm wanting to get started, but am concerned this would be too big of an undertaking for a first deal.

The listing says it’s as is, cash only. My hope was to do brrr to get started this year, but this would need to be a fix and flip. I feel confident in my knowledge until I get into it because I have an issue with seeing the potential and not the $ required to get there. 

My initial thought was to take a personal loan or hard money for the $49.9k and use credit cards to fund the renovation. Is that reasonable?

Would a personal loan or hard money be better/easier to obtain?

Any suggestions would be greatly appreciated. Thank you!

[Jared Hottle]

I would talk to local commercial banks and let them know what you want to do. Many will provide funds for purchase price and renovation with a down payment if the ARV is supported. As for the rehab, big rehabs can be exhausting and nerve-racking but it is always a numbers game. Reach out to some contractors you know and see if they will walk the property with you and get you a price. Even if you have to pay them a couple hundred it will be worth it to you.