Distressed Property Needs Rehab
I bought property in Indiana that need to be rehabbed. I can not get funds to rehab the building because no one is living in the property and it is distressed. My FICO is around 600 and the unit is a 2 unit brick building. Can anyone offer some advice on what I can do?
A friend of mine had a similar issue on a Rehab / Flip and solved it this way...
He found a GC that became an investment partner with him. The GC performed the rehab work and provided the funding for the purchasing of the materials needed for the rehab. Once the work was completed, my friend and his GC partner, sold the property and split the profits. The GC's portion covered the rehab work plus a cut of the profit, my friend walked with a nice profit himself.
Mark