How to finance personal reno

[Brady D'Hont]

I recently got under contract with a single family home near a brand new hospital where i intend to market to traveling nurses as there is a lack of inventory for that class of tenant. 

This home does require cosmetic upgrades, removal of carpet, finish floors, new paint, updates kitchen vinyl, all new appliances. 

When taking care of things like this is it best to open a new credit card and have everything on one line? Or Just dip into cash savings? Doe shaving it all on one CC make it Easier to track and maintain expenses? Any credit card recommendations? 

(15k of rehab was factored into my numbers when making offer that was accepted).

Thanks in advance 

[Scott Trench]

If you are just starting out on your journey, I recommend using nights and weekends to do as much of this yourself as possible, and finance as little of it as possible. If you put some sweat equity in, you might be able to drive costs seriously down. During your lunch breaks, you can scour Facebook Marketplace and Craigslist for appliance deals. During the nights and weekends you can paint, remove and replace carpet/floors, paint, and update the kitchen. 

Putting this on a credit card is dangerous. We all have to take risks to get started in this business, and kudos to you for taking action, but the name of the game is to de-risk your situation as rapidly as possible, and you have an opportunity to do a lot of work here that requires skills that can be easily picked up by watching YouTube videos.

Put what you absolutely must on the credit card, but know that @Brady D'Hont (you) in 12 months will thank you right now for putting in a few nights and weekends to minimize that credit card debt or the amount you finance.