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All Forum Posts by: Ben McPhail

Ben McPhail has started 6 posts and replied 12 times.

Rehabbing & House Flipping

Post: Creative ways to finance rehab

Ben McPhailPosted
  • Posts 12
  • Votes 1

That’s right.  I do not understand real estate financing very well as far as the different options other than conventional.  By “additional home repair loan” I meant after getting a loan to buy the house for $140k then finding a different lender for a 25k loan to take care of repairs.  My goal is to educate myself on options so I can use OPM as much as possible to keep the most cash in my pocket

0 Votes
Rehabbing & House Flipping

Post: Creative ways to finance rehab

Ben McPhailPosted
  • Posts 12
  • Votes 1

I am looking at buying a single family investment property in Fayetteville NC for $140,000.  Estimated repairs are $25,000 with and After repair value of $180,000.  If I want to keep more cash on hand should I get a traditional loan and then seek an additional home repair loan for $25,000 or should I look to get a fix and flip loan?  Are there other options or creative ways I could explore financing the rehab portion?

0 Votes