Considering HML
I am considering an HML but not quite sure how the process work. Repair summary is not a problem but funds for rehab will not be released until the projects are completed on each project. Without taking out another loan, I do not have the money for rehab or does the contractor purchase the supplies? 
[ Edited by pioneer1 on Date 06/08/2005 ]
Quote:
On 2005-06-08 17:47, pioneer1 wrote:
I am considering an HML but not quite sure how the process work. Repair summary is not a problem but funds for rehab will not be released until the projects are completed on each project. Without taking out another loan, I do not have the money for rehab or does the contractor purchase the supplies?
<font>[ Edited by pioneer1 on Date 06/08/2005 ]</font>
bump.
Try to contact a local real estate investing group in your area. If there are none, you may want to check with an insurance agent to see for any recommendations, on responsible contractors they may know. Local mortgage companies that buy homes can also be another source for locating contractors.