How to get money to fix a rental property?
I recently bought a leasing property with cash (it was extremely low-cost) but it needs extreme repairs and I don’t have enough cash to make repairs. Plus I already have a primary home with a mortgage. Any suggestions?
Since you bought this property for cash, you may be able to borrow against the value of the home. It might not be a traditional mortgage though because it is not your primary residence. I would do this. Place the property into an LLC so you have more legal protections. Then have the LLC apply for a business loan backed by the value of the property.
If you can’t borrow from a bank, then consider borrowing from friends or family.
Excellent luck to you
Use credit cards. Get a higher limit or apply for a new one. Once it is fixed up apply for a mortgage.
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http://www.propertycyprussales.com