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Updated over 8 years ago, 06/08/2016
How to pay for repairs
Hi Everyone,
I'm a newbie, and am investing out of state. We are close to closing on our 2nd property, and are using more of our savings to pay the downpayment and closing costs. During the inspection, we found the the property needs a new roof (4k), some other repairs of siding and windows ($600), needs some plumbing work (about $450), and some electrical ($700). And today we got the radon test back, and now we need to do radon mitigation as well (another $1200). We could just patch the roof for about $500 and it may last another two years.
Anyways, bottom line is we don't have a ton of money saved up to do these repairs all at once. But we also want to get the property rentable asap to get the cashflow going. We are on a time crunch for closing and don't have time to pursue a renovation loan. Anyone have ideas about other ways to pay for the costs of repairs? Are there separate short term types of loans we could pursue? We think we will have all the money we need for the repairs within the year...just not right this minute.
Any productive advice is appreciated. Please abstain from reprimanding me for getting into a deal without having sufficient funds saved up...I already am feeling dumb for that!