Ok, here’s the deal. I have an LLC thats been in business for 9 years. I have a $15k LOC in that company. This company is not RE related but I was going to pull these funds to get my RE company going.
The only money I have to work with is my LLC LOC. There is a property I am looking at, house is listed for $110k. Contractors repair estimate is $30k. Comps for this house is $180k. I can probably get all the repairs done in 4-6 weeks and should have no problem selling as it is in a very HOT neighborhood.
My question is this, I need another $15k for the repairs plus another $5k for unforseen repairs etc. What is the easiest and cheapest way to get these other funds? I was thinking of refinancing the house immediately to get the rest of the funds but not sure what my cost and fees would be to do that.
Any other ideas or suggestions? I was thinking about getting another LOC for my 9 year old LLC but would rather not.
I’m new to the Real Estate venture and this is my first flip. Thank you in advance.
P.S. my CS is about 630 because I just bought a car and got the LOC.
