What to do if I'm short on rehab funds

[Jacqueline Coombs]

Hi, all. I thought I was done purchasing properties for the year when this REO deal popped up ( PP $46k with an estimated 15k rehab and ARV of 75k).The bank will not negotiate on price because of a reverse mortgage on the property. I am willing and able to pay full price but I am short about 15k on the rehab budget! My plan was to take out a 401k loan which means the property will cost about $800 per month to hold until I get it fixed up and rented. I am more than willing to use credit cards or something in the interim until we get it rented and costs covered or we can take out a distribution in January but my husband is more risk-adverse than I am and won't take the CC route. He is also worried about purchasing another house when we are planning on going on vacation for 2 weeks the end of the month. Maybe the timing is crappy? I am within my first year of investing so no family loans available yet. It's also probably too late to go running to the bank with this, as our DTI probably would not cut it for a loan right now. Anybody have any creative options I have not thought of? Or do I just let this one go? I appreciate any feedback you may have for me. Thank you! Jackie Botham, GR, MI