Advice on Obtaining Rehab Funds for Owner-Financed Deals

Advice on Obtaining Rehab Funds for Owner-Financed Deals

Rental Property Investor · Milwaukee/Madison, WI · Member since 2023 · 29 posts · 8 votes

Hi everyone,

I’m currently in the process of closing on two owner-financed small multifamily properties in Milwaukee, WI, which I plan to buy and hold. While I have the funds for the down payments, I’m in need of approximately $30,000 to cover the rehab costs for these properties to get them in market rent shape.

I’m exploring various options to secure the necessary financing and would greatly appreciate any advice or recommendations on the best ways to obtain rehab funds. Has anyone here had experience with this, or can you suggest any lenders or financing strategies that could be helpful?

Thanks in advance for your insights!

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  • Rebecca KnoxBusiness Member
    Specialist · Milwaukee, WI · Member since 2014 · 1k+ posts · 1k+ votes
    2y

    Find a lender willing to be in 2nd position or find family or friends willing to invest in your project---if they have IRAs, they can roll over into a self-directed and invest in your project. 

    Or use your credit card or get one if you're able to, preferably at 0% interest. Chase used to have good card offers for this. 

    Or if you have other property and are able to, you can pull a line of credit. I did this earlier in the year with a local bank who were running a special fixed rate until next year May. 

    Captain Save-A-Home LLC
  • Rental Property Investor · Milwaukee/Madison, WI · Member since 2023 · 29 posts · 8 votes
    2y

    Thank you for this helpful advice! 

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