Financing
New member.. be gentle.
I am looking at purchasing first property for rehab. Need to know my financing options. I have preapproval for a rehab loan at 70% LTV. But looking for additional funding to cover the additional expences that go over and above this loan. What can I do? I hear about looking for individual investors by placing an ad . Can I do that for $500 - 5000. How can I secure such a deal for them?
Going to just private investors for the whole deal. How can I secure the mortgage with them so they will finance. Do I need an attorney, funds are tight. Suggestions please. I am looking at a score of 580, working, but carrying two mortgages of my own. 
talk to the local banks about getting a construction loan. Colorado National Bank will do them for rehabbers. They lend you the inital cost to purchase plus allow to you draw for repairs. Then when the repairs are made, they reappraise it and give you traditional financing
Is there a bank in Dallas Texas that does the same as Colorado Bank?
Personally, I think your best bet is to find a private investor. The ones I know of locally will lend you 80% of the apprasal after repairs. This will give you most likey 100% of the money you will need to buy the home and do repairs. Down side is they charge 10-13%. You will just need to refi in a year to two.