Funding my first big remodel

[Anthony Simboli]

Hey guys!

It's been a while since I've been on but it's finally time for me to remodel my first multi family that I purchased. One thing that I've been struggling with is different strategies to fund this project. It will likely be a fairly large and expensive project. This project will include siding, windows, removal of walls, bathroom/bedroom/kitchen remodel. I've spoken to my current loan specialist (I have an FHA loan) and they were not too clear on avenues I could take to fund the project. I most certainly will not have the cash upfront to pay for this.

Does anyone have any suggestions about how I could go about looking at strategies for funding this project? Ideally I want to have the place remodeled so that I can eventually move out and rent out both units instead of just 1 unit. I want to make sure the home is in move in condition before I depart.

Thanks in advance for all of you suggestions and help! Also, I'm currently living in Malden Massachusetts.

[Bob Okenwa]

@Anthony Simboli

Have you considered taking out a home improvement loan or opening a line of credit then refinancing the whole thing to get a new mortgage and if it appraises high enough, get the money back to pay off the LOC or loan?