Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Rehabbing & House Flipping
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 6 years ago on . Most recent reply

User Stats

1
Posts
0
Votes
Devin Crim
0
Votes |
1
Posts

Advice on funding a relatively small rehab?

Devin Crim
Posted

Hello all. I purchased a house in Detroit MI for a couple thousand of dollars at auction. The house is in a working class neighborhood, close to businesses and bus lines. Its quiet during the day because people are at work. Theres a church mega church like a block away and a mega park a few blocks away.  The house across the street sold for 37k as is, and flips are going for 65k. The house has seen better days obviously but has solid bones and doesn't need a complete demo. Paint, carpet, hardwood etc. It doesn't need any roof work and miraculously has all of the wiring. I can handle most of the cosmetic work myself, and seeing as this is my first flip (or investment of any kind) I want to in order to get the experience. So the rehab budget is 15-20k. I can sell for 45-50k and make a 20k profit, and those are low estimates. The problem I am running into is that my rehab budget is far below most lenders minimum of 75k. I could of course pay for the work myself but that is a last resort I'm open to all options and suggestions.

Loading replies...