Financing a rehab project

[Anthony Ryan]

I am a real estate agent trying to find a deal for an out of town investor. We are looking at a duplex priced at 30k that he plans on putting about 20k into. My question is, what's the best way to finance the deal? He has 20k is cash, and wants to finance the rest. Should we put 20% down and do a cash out refi once its rehabbed and re-rented? Should he try to come up with the funds to buy it all cash, and just finance the rehab. Also, quick question. Does anyone know if his personal credit is used for approval purposes, or is it primarily the income of the property that's considered? (This last question is more of a curiosity than a concern). Any advice on how to to find this information out myself would be helpful too (ie who to call, and how to get someone on the phone that will talk to me about this kind of stuff. I'm in the Buffalo NY area if that helps. Thanks in advance for any help you can offer!