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Updated over 1 year ago on . Most recent reply

User Stats

5
Posts
4
Votes
Monica McCaskill
  • Rental Property Investor
  • Southeastern NC
4
Votes |
5
Posts

Lending for Repairs

Monica McCaskill
  • Rental Property Investor
  • Southeastern NC
Posted

I just inherited a property in Wilmington, NC which I would like to use as an investment property. The property does not have a mortgage. I need to make repairs to the home prior to renting it out (~$15,000). I am looking for lending options I can use to make all the repairs. I would like to use an option with lower interest than the credit cards I have used up to this point, and that I can pay off quickly using the rental income. Thanks! 

Most Popular Reply

User Stats

5
Posts
4
Votes
Monica McCaskill
  • Rental Property Investor
  • Southeastern NC
4
Votes |
5
Posts
Monica McCaskill
  • Rental Property Investor
  • Southeastern NC
Replied

Thank you all so much for your advice! @Scott E. I am doing a short-term rental over the summer, with a projected income of $11k. I have long-term renters as of October with a monthly rent of $2000, with the renters covering expenses (trash, water, electric, etc.).

 @Tim Johnson I took your advice and took out a personal loan. @Blake Novotney I went with SECU, a great rate, much better than credit cards. Bonus I was able to get enough to bring the credit cards to $0 and finish up the repairs! 

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