In A Dilemma
Hi everyone,
Fan of this board. 
Hope someone here can help me with some ideas or direction.
I own my home, plus property next door with a small mobile I rent out.
I also have a three bed/1 ba frame home (rehab, vacant), plus two connected wooded lots. Total I estimate everything combined would be worth at least $100,000 in assets that I own free and clear.
Problem is, I have no cash to fix up the 3 BR. (grabbed it for $22k, fixed up could be worth at least $50K) I would also like to clear the two lots to improve the value and sell. (Paid 9k, tax value is 7k each).
I haven't checked into financing yet, but I estimate I will need at least $20 K to do what I need.
The question, where do I start to look for a strictly asset based loan? Any recommendations? I'm stuck.
You could do hard money, but I don't think you need to go to that expense. I would recommend you cash out some of your equity in a HELOC, and use that to do your rehab. It is cheaper money, and it is available.
I would suggest going to http://www.thecreativeinvestor.com/LenderFinder-index.html
[addsig]
Wow Tony, that is some of the all time worst advice (and practice) that I have ever heard. Besides going into the "bad" areas to find your "help" with the real possibility of being mugged or killed, you are setting yourself up for some serious liability and legal issues. So many in fact that I don't have the time to start listing them all here.
In short, the first time your cheap labor falls and breaks a leg, in a few short months, it's a good chance that it will be him going to the "bad" part of town to hire you as the cheap labor force, since he'll have everything you currently own.
Go cheap, get cheap. And when the cheap screw you, they screw hard.
Roger