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Updated about 7 years ago,
Property Owner Needs HELP ASAP
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!