Need Money For Repairs, Bad Credit.
Hello
I have property that is a great rehab deal. I can buy it for $18500 and spend about $15000 to get it in great shape and it can be resold for $65000 easily. Will a lender loan money even if i have bad credit or what if I have the cash to buy a property how can i get the money to fix it up? And if I am buying all cash and someone will loan the money do I wait to pay cash until the financing is ready or is it better to own the property then look to pull cash from it?
I would appreciate the help!
Thanks 
If those numbers are accurate, you could flip the property to a Rehabber for some quick cash and move to another deal.
You should also be able to find a private lender to finance. Even if you don't get enough from the lender to rehab the property, you could borrow the rest on some credit cards, or take a personal loan from a bank. Borrow from family/friends or another investor.
If you have some cash, I would still get a loan to buy and use your money to fix it up.
Good Luck,
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Swetbak[ Edited by swetbak on Date 11/05/2003 ]
sounds to me like you may have enough of a spread to just buy it and sell it to a rehabber or contractor for a nice spread and be done with it. i say get it for 18.5k and try to sell it for 32.5k. that leaves still a nice margin for the flip and it's low enough that after repairs the contractor can still make a nice profit and everyone's happy.