Alternative to HELOC

[Keith Thomas]

Hello BP family looking to be pro active in my quest for financing if the HELOC does not work out. I have a potential off market deal in the Seattle area. I am waiting on comps from realtor and also waiting for an appraisal as I am trying to do a HELOC on my property I am currently working on. Well I can probably get this property for about 100k and will have to put at least 130k into it for sure. Just looking at numbers of Redfin, Zillow etc it has the property worth about 400k. Most of my money is tied up at the moment so I don't have a lot of cash on hand. Next I am still new so I have not built up a network of people where I can borrow money from. Hard Money will be my last resort , but most of them require 20% down. So the ideal situation would be to get the loan and rehab wrapped in one and possibly make monthly interest only payments and refinance out once the project is complete. Also there is a possibility of owner financing but I doubt it just due to the fact that his mother is ill and the money from the sell of the house would go for her care. I have a regular job in which I make good money so affording another payment maybe possible. But considering this is a Hoarder house with a mountain of trash its not livable so the banks may frown.

So if anyone can suggest somethings I can do now so I can prepare myself for this potential opportunity

Thanks Keith