hi there My brother and I are partners in Ferris Properies and new to this forum as well as investing. my investing goal for starting out is going to be straight cosmetic flipping/rehabbing.
for my first property, im not going to have the $5 - $10K needed for the rehab costs out of pocket. are there hard money lender that will finance 100% of the rehab without me having to take funds from my own pocket.
i asked this question to one of my potential hard money lenders and their reply was that i had two options, one is to get a money buddy in on the deal to fund the daily cash expenses and rehab costs to pay contractors etc. the other was to get a line of equity from a bank etc. well my credit score wont support standard credit guidline to get a LOC. nor do i have any liquid assetts or equity to throw on the table. how should i proceed or are there any lenders you can reccomend to me that will fund the purchase price PLUS the rehab costs at closing? even a escrow account would be helpful if need be.
thanks in advance.
ps i looked everywhere for a search button with no luck!
Brent Ferris