I need help and I am here for it!

[Joseph Abbott]

Let me get straight to it. I own a property in Detroit, MI. It has two years back taxes. The property needs to be rehabbed. It will cost approximately $50k to rehab. How do I go about getting funding to do so? The property is located in the 48219 zip code area.

[Jim K.]

Originally posted by @Joseph Abbott:

Let me get straight to it. I own a property in Detroit, MI. It has two years back taxes. The property needs to be rehabbed. It will cost approximately $50k to rehab. How do I go about getting funding to do so? The property is located in the 48219 zip code area.

Well, Step 1 is to pay the taxes on it. If you have to get a job to do that, you have to do what you have to do.

Step 2 is to fork over the money to fix it. You have to either make that money or borrow that money. If your credit sucks, you can't borrow the money easily. So if I'm reading this right, Step 2 is to repair your credit, which is probably going to take a long time.

While you're waiting on Step 2, is there any work you can do on the place yourself to lessen the repair bill? Sorry I don't have some slick real estate trick for you where you snap your fingers and it all magically gets done while you're in Oklahoma.