Skip to content
×
PRO
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
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
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 8 years ago, 06/08/2016

User Stats

221
Posts
134
Votes
Samantha Soto
  • Investor
  • Indianapolis, IN
134
Votes |
221
Posts

How to pay for repairs

Samantha Soto
  • Investor
  • Indianapolis, IN
Posted

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!  

Loading replies...