Property Owner Needs HELP ASAP

[Account Closed]

Hello,

Any advice will help. I am a homeowner in Michigan who currently resides in my single family dwelling. This is the only property that I currently own. I have terrible credit. Also, I am currently self-employed with minimum income as I have previously been disabled. I owe property taxes that are due ASAP! I have been looking for asset based hard money private lenders. I figured, I should borrow, use funds to pay the property taxes and complete repairs to bring it up to date as well as personal expenses. If I am able to do this, I would be clear of property taxes and would just owe my lender. I will pay the lender according to the contract, then flip the home so that I can pay off the lender quicker.

Does this seem realistic? Are there any lenders that will lend to a property owner, asset-based only, no credit check, no income verification (only because its currently minimal, but not for long) and possibly no personal guarantee??? If I have to submit tax returns then I will.

I also had another idea to just sell AS-IS, take the funds, purchase 2 properties (1 to live in and 1 to flip). The only problem is it's worth more if I can get the repairs completed and property values are skyrocketing in my area, so I'd really rather not sell right now, maybe in a year. 

I own an LLC does this help?

Also, I have never received a mortgage, a homeowners loan, a homeowners grant, repair assistance or anything.

I've checked businesses that either require money to loan you money which is ridiculous. Also, many say that because I live in my property, that's an issue.

Please jump in and respond. Thanks!

[Patrick Liska]

anya,

You may find a hard money lender that will work with you, but it depends on how much collateral you have in the property, they will not help you if there is no skin in the game, and if they do, your interest rate and fees will be killer. from what it sounds like, you may be better off selling as is and not creating more debt in order to maybe make more money on the sale.