Creative or not so creative ways to get funding

[Robert Gunby]

Hello BP, I have a dilemma . I recently submitted an offer for a house: 28k and it was accepted. I had some GC to come through and look at the property and estimated about 30k worth of renovations. The mortgage lender is looking at conventional rehab loan as to which I won't be living there. There is a 4.5k contingency policy which brings up the total to 62.5k. If all goes well then the 4.5k is slapped to the mortgage overall. So the mortgage lender said I would need 21k for total as a down payment (down payment and closing). I have the down payment for the initial mortgage (28k with the closing) roughly 11k. When you add the rehab costs and the number is 62.5k, I don't have the extra 10k for it (the down payment and closing is 20k, I only have 11k). I have been thinking like crazy and I wanted to know what you think the best options would be? I called a bank about a personal loan and to season it but this lady said it would be tough. I don't own a house so I couldn't let it sit and tell her it was for "home improvements". The ARV would be between 80-110, so depending on the renovations. I haven't had an appraiser but I have been looking at the comps as well as my real estate agent. I just need to find a way to find the other 10k. I had a couple options: 1.) Just buy the house and then get a personal loan for the renovations which 30k may be too much. 2.) Buy the house , use credit cards with 0% financing to pay for the renovations and within a year refinance it. 3.) Ask BP for a partner to make a gain on their initial investment. 4.) Any suggestions? This is my first deal and I want to go through with it no matter what. The upside is great. I'm tired of living in fear and want to get my first one under the belt. I have learned a lot already and need your help to figure out what I should do for that last bit needed if I decide to do the conventional+rehab loan. I sincerely thank you all!