Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Creative Real Estate Financing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 9 years ago on .

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?