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Updated almost 7 years ago,
How to finance fix and rent property?
I got one rental property and it was a turn key and it's producing a good cash flow. Recently I found a property for a good deal and that needs some fixing with the flooring. It's in a very good area that rents fast. So I don't want to miss the opportunity. I was thinking of removing the carpets and installing the vinyl plank flooring. That costs around $15k. My question is how to come up with financing for this $15k ( I can't put down $15k extra at the moment) . Do people include this with the mortgage or use some other means of financing? Is it allowed by the banks? (If it helps, the cost of property is $105k and it rents for $1200-$1300). Any help on this would be welcome. Thank you.