No money to fix up your inherited home? There are many different options available today and we can help with all of them!

The first option is there are construction companies who will bid on your remodel project and offer interest free loans to cover the costs of the renovation. They will do anything from a small renovation project all the way up to a major remodel! This can be a great way to fix your home up, but only if it makes financial sense. The problem is many agents are all too happy to spend your money on total remodels, even when it doesn't make any sense. For example, even in good markets, remodeling a kitchen will get you roughly 76 cents back for every dollar spent. That means you are losing 24 cents on every dollar spent to make your agents job easier! So, the contractor makes more money, the agent makes more money and you lose money?! That is NOT good business!

The second option is going the traditional equity line route. This can also make sense, but they are typically harder to get, are more costly and require a lot of equity in the home. Another problem with these types of loans is they require the ability to carry another loan on top of any other loans you are already carrying. You literally have to apply for a brand new loan and the loan process through most banks can take 30 - 60+ days! This takes a long time and may cause you to miss out on the perfect property or a great market.

The next option is a hard money loan. Hard money loans are far faster than doing a home equity loan, but are also much more expensive. The key to getting these loans is having plenty of equity and having your job planned out and your contractor ready to go. That way you can complete your remodel quickly and get your home on the market and sold.

Finally, you have bridge loans. Bridge loans are a lot like hard money loans; they are faster but require a lot of equity, they are more costly