Financing in Austin>Question Details

TORO, Real Estate Pro in 78746

Have financing set for residential rehab project, good numbers. Short $60k to put on the table. Any ideas?

Asked by TORO, 78746 Tue Jan 6, 2009

Would pay interest on the $60k.

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Dear Toro,
Investors used to use credit cards when it was a sellers market, because they were usually able to do a quick flip. In todays market a quick flip may not be possible. So it is much safer for you and your credit rating to use a normal loan. I am sure Nick will take excellent care of you. I wish you the best of luck and please give me a call if I may assist you in any way. Good Luck!
Betina
0 votes Thank Flag Link Fri Jan 9, 2009
Thank you Betina. I will call them and have a talk about the project. On the credit cards, well that was Lynn911 suggesting it, which don't think it might be a good idea, but, thanks for your lead on this. Will let you know how I did with them.
0 votes Thank Flag Link Wed Jan 7, 2009
There are lenders that specialize in this. I suggest you contact Nick Urialdies with Gateway Funding, his phone is 973-789-5148 and his email is nurdiales@aol.com. I would not suggest using credit cards for this type project, because credit card companies are getting stricter and harsher with penalties for late payments or going over limit. Good luck!
Betina
0 votes Thank Flag Link Wed Jan 7, 2009
Most investors use their credit cards for rehab projects.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Tue Jan 6, 2009
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