First deal financing ideas

[Corie Carpentier]

Hi I am trying to get a deal figured out.  Weve got a house in Huntsville TX that my wife and I are wanting invest in.  Our plan is to purchase this house,  Reno it and move into it as quick as possible so that we can rent out or current house and refinance the reno'd house to pull cash out and invest in the next house. We are trying to figure out how to finance the mortgage plus 70k or so in repairs. Were getting contractors to get us bids,  and we've applied to a local mortgage broker that we know well. Any other suggestions on how to finance all of the repairs with our mortgage? 

[Daniel Molina]

@Corie Carpentier The loan amount you are looking for is a bit light and since you plan on doing this loan for you to occupy most private lenders will be out. I agree with @Curt Davis that you should target local credit unions to help you out. They can usually offer better programs including 203k which will provide some funding for rehab. 

You should also consider doing a HELOC if you have equity in your current property.