Funding for Rehab

[Paula Gayle]

Hi,

It has been an exciting journey doing the research before purchasing my first fix and flip property. I’m happy to announce that I’ve now received pre-approval for my loan and I’m at the point where I’m going to start looking at houses. I’m also saving towards my down payment of 20%.

However, there is still one area that I need help in and that is, securing funding to complete the rehab. I’ve seen where it has been mentioned about private lenders (hard-money) but I still would like some additional insights in how to qualify for one of those loans.

My other option is to take out a HELOC on my primary residence but I prefer not to do so unless it's absolutely necessary. The HELOC would also increase my debt to income ratio.

Do you have any suggestions on how to fund the rehab, once I purchase a property?

Thank you,

Paula