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Updated almost 4 years ago,
Best rehab financing options
Recently purchased our first investment property. Its a unique property consisting of 2 three bedroom houses, 1 two bedroom house, 4 small cottages, 1 larger cottage, a laundromat, and a restaurant. All vacant in need of rehab. Purchased for cash with plans to pay for renovations out of pocket but now considering possibly financing the renovations to speed up the process. Being new investors with no deals completed I wasnt able to find financing during the purchase process (also didnt try too hard) but now that we own the property free and clear will it be easier to get financing for repairs? The property has potential rental income of 10k a month just on the residential rentals with the potential of an additional 3-4k a month for the restaurant. The concern of the few lenders I spoke to prior to purchase was our lack of experience in investing and the commercial aspect of the property. Both my wife and I are self employed with good credit (1/2 of my wifes income does come from a w-2 job) Looking for advice on the best financing options
Thanks