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Updated about 9 years ago,

User Stats

74
Posts
25
Votes
Dave Shellenberger
  • Investor
  • West Grove, PA
25
Votes |
74
Posts

Need some creative help

Dave Shellenberger
  • Investor
  • West Grove, PA
Posted

Here's the situation.

I have the opportunity to build a new construction home with a builder that does a lot of renovation work with me on my rental properties- to get into the deal with him I need 75k by Jan 8th for the lot. He is footing the build $$.

Lot cost is 150, built cost is 350-375. Resell of the new construction is 700.  

I have a couple of projects going on and won't have the cash in the bank by Jan 8. I do have about 25k, but I'm looking for 55-70k for the project. I don't want to deplete all of my own cash. I've asked some close family/friends and due to the timeline they are not liquid for the $$ in that timeframe. 

If you were in this situation when should I look for reliable-reasonable $$. Personal line of credit from a local bank? Thinking about 1 year timeline with the $$, due to weather/etc.

Excellent credit, 75k job, 15 rental properties throwing $3000.00 a month in cash flow to me(I own these with a partner)

What do you think?