How Do you Find $$$ for Rehab??

[mobetta]

I am embarking on my first investment property :D. I am so nervous. I have a owner that is willing to do a seller carryback ( a forgivable second) on the loan. How do I explain this to other sellers if I am wanting to use this same creative financing in the future? And are there disadvantages to doing the loan this way? I am currently self-employed so most mortgage companies are requiring that I put more down. By doing this type of financing I would be able to walk away with a rental property, $5-$10K, and no money down. I have just one concern…the property is in an ‘up and coming’ area. Any feedback would be great.

-Mobetta

[MsBodley]

Hey Mobetta. Good for you. I’m in the same boat, trying to structure my first deal. But I think your question would get more exposure if you listed it as it’s own topic question. Hopefully, someone will see it here and help you. Currently, you’re under my heading asking about money for rehabs, but you’ll get more exposure and more people will see your question if you list it as your own topic ok?

Good for you and good luck on your project. I’m a newbie too, so unfortunately I couldn’t give advice to you.