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Updated over 6 years ago,
Getting a loan to convert a one family to a 2 family
I will close on a one family in the next week or two. I am trying to figure out the best way to fund the conversion of this one family into a two family. My goal is to convert it and live there while renting the other unit. The property is in the correct zone and I have made sure it can be done etc. My biggest question is how should I go about funding it? After speaking to a few contractors and architects, the cost will run me 250-300k. I have that in my portfolio and in other assets, however I would like to fund it with a loan. I do not want to use most of my liquidity unless I have to... Do you guys know of any avenues I can take to get a short term loan to fund the project? I do believe I can pay it off within 12-18 months. Thank you ahead of time!