Since nobody responded to my previous inquiry, I decided to return to my local bank. They suggested that I get a tenant to rent the property, contingent upon me completing the renovation by a specific date. I said if I get the money, the property should be ready by April 1. The banker said, if I can get a signed lease, the bank would loan me the money to complete the renovation and I wouldn’t have to make payments until the tenant has moved in. Any thoughts or ideas are welcome. Thanks. - Rich
If anyone is following my trials and tribulations, I now have all of the demolition completed on ‘my old house’, and the new roof is just about complete. The electrician was in on Saturday to install a new meter and upgrade electric service to the property. The siding and windows are to be installed this week (weather permitting). I expect to have $45k -$50k in the property by the time it is ready to hit the market…in a $100,000 neighborhood. As I stated in my earlier posts, I’m short on cash. It was suggested that I create a note, and sell it to an investor. How do I write a note and where do I find an investor? Thanks to all for their help. - Rich