Need advice on structuring rehab costs on rental - Posted by DB

import · May 25, 2011, 5:04pm

Posted by arlanj on May 25, 2011 at 17:12:25:

credit cards.

import · May 25, 2011, 5:04pm

Posted by DB on May 25, 2011 at 17:04:49:

I have a SFH with a tenant who is moving out soon. My plan
is to fix it up and put it on the market. My guess without
going through the house is that it would take under 10k and
a few months to rehab.

My question is should I just continue to pay the mortgage
and use my own money to fix it up or is it possible to go to
the bank (mortgage holder) and explain my plan and ask for a
few months reprieve from paying the mortgage and/or a loan
for fix up?

I have the money to keep paying and to fix the place up but
it would put me in a tight position especially if the house
doesn’t sell right away.

Any thoughts appreciated. Thanks.

import · June 3, 2011, 9:13am

advice on structuring rehab costs on rental - Posted by James Harris

Posted by James Harris on June 03, 2011 at 09:13:20:

You might consider an HELOC, if you can get one. Refinance the property to be able to pay for the rehab costs. If you use your own cash or the rehab, advertise now or as sooon as possible.