Who can I use to do repairs on home?

From what I understand, when borrowing ‘hard-money’, I need to submit a contractor’s estimate for repairs to justify how much I need to borrow for repairs and fixing up the home. Is this true?

I plan to hire relatives I have who are handymen, electricians and painters, so I’m figuring it might not be fair to ask contractors for estimates they’ll never get the business to do. Eventually they’ll just stop giving me estimates.

How do I work this so I can use my own list of handymen who don’t have a business of their own, but are just looking for some ‘extra work’ on the side on a cash basis? Will this bite me in the end for claiming the deduction as a business expense if I don’t use a bona-fide contractor?


That is going to depend on the lender. Some of which require copies of licenses for contractors, detailed structures lists, and what color shirts you wear on Sunday. That’s just the lending world period. It’s called building relationships, and getting exceptions. Each lender as such each underwriter out there is different as to how they view the requirements, and conditions of a loan closing. You just have to find the right ones. Not every lender is right for every program. Do not already work wth someone that has access to lenders offering more options when it comes to these transactions. The most important part of investing is the financing.

I’m somewhat skittish about asking contractors to wait for me to do a ‘draw’ before getting paid, that they’ll be cranking up their fees. Plus I have so many family members that do various repair work on the side, but not as an official business. I have about 25K of my own to take care of repairs and misc. expenses… I’m wondering if it might be easier (and cheaper) in the long run to jus finance the repairs myself at zero interest, zero waiting, zero red-tape. ???