Financing for Hurricane Sandy Rehabs

[Michael D.]

Hi Everyone,

After hurricane Sandy there have been tons of gutted, water damaged homes that have come on the market at the Jersey shore. I am 24 years old and I see a huge opportunity for an investment with a great return. I have found a few homes that I would be interested in buying, but I have been told by the realtor that this will require a construction loan. The realtor mentioned that construction loans require 50% down and have very high interest rates. Is there any other way that I can obtain financing?

[Emily Dixon]

Depends on how detailed and organized you are. DO you have a plan laid out for the properties? Or is it just buy, rehab, sell? DO you have a construction team. Do you know what your costs are going to be? If you have a SOLID plan with research behind it there are other ways of getting finance