My First Property. $2000 in cash. Money to Rehab?

[Preston Hadley]

Hello Bigger Pockets,

I’m glad to join such a huge community of like-minded people.

My name is Preston. I own an engineering company and I’m new to real estate. I’ve been learning from my real estate friends for years and my interest has peaked and I’m ready to get started.

I’ve got an opportunity to purchase a property that’s distressed for $2K. The property was recently assessed at $21K.

Since I’ve Rehabbed other properties with my friends. I’m confident I’ll have the rehab handled.

The issue is financing the rehab. I’ve been told by a few loan officers that if purchased for $2K, I wouldn’t be able to get a Home Equity Loan.

I wonder what others have done before on super cheap properties and what advice you might have or alternative options on financing the rehab.

I do plan to rent the property. Although a flip may be a possibility.