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Updated over 7 years ago on . Most recent reply

User Stats

115
Posts
40
Votes
Walmsley Gedeon
  • Brooklyn, NY
40
Votes |
115
Posts

Renovation loan from hell.

Walmsley Gedeon
  • Brooklyn, NY
Posted
Hi guys, I closed on my first 4-plex back in April with a 203k loan from hell. Because my loan had taken some time to be purchased by a bank my contractor has halted renovations until the loan was sold to a bank and draw could be processed for him to continue the work. This messed up my timetables because I had planned for the house to be habitable within 3 months of purchase which was very feasible until I ran into this snag with the renovation loan process. My home is no where lose to being finished and it's looking like this will be more like a 6months process. It's really cut into the funds I had left over. My question is once I get this property up and running it will take me a little while to recoup funds and I want to get this one rented and start looking for my next deal. With little to no money how can I make that happen sooner than later? I just want to know what are my options if I don't have much liquidity to play with. Thanks BP Family

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