what direction can anyone suggest?

[Angeline Walker]

Hi all,

I bought a foreclosure for cash ($14,000) and have put $60,000.00 cash into it. Two homes on the same block sold for $249k in the last few months. The difference between mine and the ones that sold is mine sits on a double lot and I have a 2 car garage.

I had a few contractors that gave me quotes in the $60k range to rehab and get $250+ out the property. I was sure I would easily find someone to jump on this deal but, apparently, not.

I can't borrow the traditional way FHA, banks or any other way due to having a bankruptcy 2 years ago. I have tried hardmoney lenders and most are not willing to lend the full amount to do the rehab. So I have been doing little work as I get time away from my 9-5 and pulling all of the extra money I have left after I finish taking care of my main home. My goal was to fix the property and move in and take a heloc to continue to buy more properties. Rehab the home I stay in and sell to get out from having a mortgage. Now I am to the point of getting rid of the property and trying to find another big payday like I have now. Can anyone help me shed some light on the road i could possibly take to get into the realestate game.