Free and Clear house needs 20k for rehab, where to get funding?

[Andrea Lizcano Summers]

Hello everyone,

Please share any ideas you have to help with the problem below:

I have found a retired couple who own, free and clear, a second house in Houston, Texas they would like to use as a rental property. The house needs a rehab that would cost around 20k. They do not have the funds and the bank will not loan on an unoccupied home that I am aware. The house's ARV is 90k and they own it free and clear. There is a lot of equity in the home. Is there a creative way for them to get financing or a private lender willing to loan that amount of money and get first lien position?

Thanks for your support and help.

Kind regards,

Andrea

[Ben Leybovich]

I'll give you the 20k if you pay me enough...BUT:

Think through this with me:

20k buys a little lipstick. That's all - seriously. You go through 2ok in a blink when doing a remodel. So, in that you are saying this is all it needs, I, as someone who's been around this stuff for years, immediately formulate an opinion that you know very little about what's involved... There is, therefore, a lack of confidence...

People don't lend money to projects. People lend to people. Follow me, Andrea? I don't mean to be stand offish, though @Hattie Dizmond might tell you it's in my nature to be, but money is not what you need now :)