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Updated about 9 years ago,
Need renovation capital!!
Hello,
I am trying to find reno capital for a fix and flip.
I currently own my primary residence and a rental property that does really well for me. Very recently I pulled a HELOC off the rental and got approved for $40,000 which has me very excited to now start a flip. I am required to put 20% down with this new property being an investment, which drains my entire HELOC fund and affords me a max budget of $220,000. I have been talking with potential investors to join me with zero results. I am a master electrician, own my own fully licensed and insured company, have 11 years in the construction industry, but even with my experience it is tough to convince anyone to put up the money with a first time investor on the fix and flip side!
Are there any other avenues I could take to possibly put less down? "Second home" loan vs. "investment property" loan? I am pretty much stuck at this point!