Rehab Funding Needed

[Michelle Romano]

I have a rental property in Philadelphia.  The tenant is looking to move in late Spring and the house needs renovating; new kitchen, new bath, exterior doors and basement are the main issues.  I can not rent or sell in the present condition.  The renovation will take about $20K depending on the level of renovations.  At this point my intention is to sell however, I used my own money when I purchased this property and minor rehab first time, as well as others and used all my cash. My employment situatuin is not standard however, I have an excellent credit score.  Turn around should not exceed 6 to 8 months as I would like to start on exterior before she moves. Any suggestions on how to obtain rehab funding through other sources is appreciated. 

Thank you

Michelle Romano

[Andrew Postell]

@Michelle Romano based on your description a hard money loan or a portfolio loan will be your solution. I would also encourage you to speak with a standard lender to see if you could be qualified for a Line of Credit type of product that could also help with this type of work. Even if you have "not standard income". Lines of Credit will have significantly lower costs but it could take a lender to 30-45 days to complete the LOC. Also, 6-8 months of work at $20,000? Most work at $20k should be done in a week or two. Time is money. Get on that contractor to get your job done quickly. 6-8 months would not be acceptable to a lot of investors.