Posted by Tim Pannabecker on October 26, 1998 at 19:55:59:
If your goal is to sell the property for a profit and you are buying it cheap you could get a “Hard Money” loan. This is an expensive loan, but you do not need to qualify and they do not care who does the work. Most cities and counties will offer some sort of beautification loans or grants, some offer purchase assistance or rehab money in the form of block grants call and ask for housing assistance or other similarly named department. If you are going to rent the property out. You should utilize the financing you spoke about. Get a low interest fixed loan. Bite the bullet and pay the contractor. Where is the house located? Someone on the site may know a good contractor.
Another idea would be to option the house, so you do not have any carrying costs, fix the house up then buy/finance it.
Another idea would be to Wholesale flip the property to an investor.
Knowing what you want to do with the property and why is fundamental to your best solution.
Post the numbers or run them yoursel