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Updated about 8 years ago on . Most recent reply

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Effram Barrett
  • Real Estate Agent
  • Houston, TX
161
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159
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Need advice on a unit I own!

Effram Barrett
  • Real Estate Agent
  • Houston, TX
Posted

Need help!

I currently own a condo close to the westchase area (Richmond ave) I still owe on the property, but my plan was to fix it up a little and rent it out. The issue that I am running into is funding the repairs. I do not need too put much into it to get it where i want($3000-$5000) do hard lenders fund on repairs or is it not worth it for them to lend such a little amount? Has anyone ever been in a similar situation?

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Owen Dashner
  • Lender
  • Omaha, NE
1,043
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Owen Dashner
  • Lender
  • Omaha, NE
Replied

Hard money is typically for purchases, not property you already own.  For that small of an amount, your best bet is to use a line of credit if you have it, or whatever credit you have as long as you pay it back quickly with the cashflow after getting rented.

  • Owen Dashner
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