Rental needs emergency repairs, personal DTI too high for personal loans

[Tabitha Bean]

My novice status will show here...I recently purchased a 4-unit multi-family property in Washington, DC. Though this has seriously boosted my net worth, it has stuffed my cash flow into the trash.

I have a significant amount of equity in this and other properties, but thanks to this property shooting my DTI so high, everywhere I go I get shot down for HELOC's and personal home improvement loans. I did some research on Fund & Grow, but it makes me feel uncomfortable because I have no experience with something that CREATIVE. I have one high credit card balance that I am able to pay down now, but I can't even apply for Fund & Grow's services for 3 months after the balance is paid down.

My contractor and crew are waiting for the word today though. This is a real growing pain for me as I am leveling up as an investor. I am feeling discouraged because I am hoping to continue to grow my portfolio, excited to purchase more single-family homes without any doubts about my ability to manage my portfolio with great success. But not if I am stuck without any access to financing. I think this is a knowledge issue and that many of you out there know ways to turn this situation into a fairly simple solution.

Grateful for any advice!

[Russell Brazil]

Quote from @Tabitha Bean:

The problems are extensive, the unit needs to be gutted. New drywall, new flooring, new kitchen, bath, windows and doors. The unit is small, less than 700 sq ft.

Hope that helps.

 Well an emergency is something unexpected that pops up out of nowhere. A whole unit needing a full gut rehab isnt unexpected, it isnt an emergency. 

Penfed does helocs on rental properties. Or Eastern Savings Bank may be able to do a cross colateralization loan.  Or do little by little and pay as you go.