Rehabing W/ No Money And No Credit? Possible?
Hello all. I know there are several loan programs that will get you into a property with no money down and even cover closing costs. My question is, what is a good way to cover the rehab? Would a HELOC work or are there seasoning requirements? What about same day refinance? Is there any way to rehab properties without taking anything out of pocket? Also, my credit score is a 605. Are there any credit cards I can get with that credit score? TIA!
YOur best hope is this.
I'm going to assume that the property is below market value. With this is mind, the is most likely equity in the property.
With equity in the property, depending on your credit, income, and other bills, you may be able to take out a second mortgage, or a "home equity line" You can use this money to fix up the house and resell. But now you have to pay back your loans, and possblie some interest or a early loan payment.
Your BEST bet, and how i begun, Is i became partners with an investor with money, work out a deal, where the two of you can make money, maybe if you find a seller and a buyer you can get him to fund, or if you find a property that you want to rehab, split profit with him.
There are ways to begin investing with 0 down, but you have to be creative, and know the right people.
Good Luck!! let us know how you do