Creative Real Estate Financing
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated about 8 years ago,
Need help getting creative to finance rehab on package of homes
Oh the joys of being a new investor!!!
So here we go, i purchased 6 homes on an owner finance for with 25% down. 2 of them need serious rehab, 3 are mostly cosmetic, and 1 is rent ready. Here is the dilemma, when i called a lender they said they can't do a cash out rehab on the only 1 house(im not doing all the rehabs at the same time) because it was purchased as a package. They also said they can't do a construction due to it being a package. Now i'm stuck with 6 homes and limited means of doing the rehab. Also, if i rehab just 1 of the properties and sale it and the rent ready home, i could pay off the owner financing, make a profit and have 4 homes free and clear.
If anyone has ran into a situation like that i would to hear about some strategies that was used to get your project back on track.