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Updated about 12 years ago,
Need Advice
Hello, I am new to the investing world and purchased my first property with no money down from my father in law who is newly retired. I have just over $340 in the property from closing and roll off fees. Long story short is that I was super excited to get the house which is a 3 bedroom 1 bath slab on grade house and about 925 square feet with attached 1 stall garage in a well established older neighborhood. Purchased for $29,000 at 4 percent (fixed) on a 30 year note with no prepayment penalty. I purchased the house knowing it would need a total rehab which I calculated to be around 20k after getting bids from local contractors. The ARV should put the property at around 80k. I have gutted the house completely (due to mold and being completely run down) by my self and tore off all of the old siding down to the original wood siding. My question is I have since had a drop in income over the last several months (In sales and on 100% commission) and also found out my wife and I are having another boy in March and now am running low on funds to complete the job in a timely manner. I would like to know or get some advice for the steps I should take to complete the job. My credit is on the rebound but not yet perfect. Would like to complete and hold as a rental but now am wondering if at this point I should look for a partner for financing and flip the property. Any suggestions or advice would be greatly appreciated!