General (Newbie) Financing Question
I have about $10K "available" (HELOC), and FICO is 680. If I want to do a 100% rehab, what options are available other than Hard Money (Cost of money eating profit!)? I don't have any deals together just yet, just wondering.
Any and all comments are appreciated!
Friends, Family, other investors, credit cards.
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I am a newbie too. I have found that "HML" can be your best friend if used wisely. I am in the same boat as far as financil criteria are concerned. I am hooked up with a HML that is absolutely wonderful. I found that although you may run across a good deal, you may have to wait for a better one. I have also found that although hard money has a much higher interest rate, it also offers money fast and now. If your intention is to buy, fix, sell its a no lose situation.( That is if you have done your homework) It seems to me that using hard money to build capitol is much better than losing a deal because you are trying to save 4K in interest. Whats 4K in interest when you loose 25K in profit. I guess it is all in how you look at it. And again this is only my opinion.
I agree with jpsullivan, what's a few thousand more in closing costs if that is your only choice to get the property and then make $20k, everything in perspective.
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as stated don't let a "nickel" hold up a "dollar"........km