Did you inquire about getting a small HELOC for the flooring replacement, or just for the land purchase?

Perhaps a request for $10-$15K would be more palatable to the bank than $50K, especially if you merely stated that the funds would be used for a home improvement, without specifying which home…

I’ve not worked with a private money lender before, but have seen good reviews about Connected Investors Exchange (link in my previous post).

My understanding is that CIX utilizes a kind of crowd sourcing for loans: it has vetted a large pool of investors who want to finance new construction, purchases, and rehabs; I would imagine that there is likely someone in that pool who would be willing to fund a smaller project, such as repairs, rehabs, or vacant land purchases.

My further understanding is that the investors loan on the asset (real estate), rather than on the borrower (income, credit history, etc.); should the borrower default, the lender simply forecloses on the property.

Another source for a small loan would be local investors. Unless you are in a rural area, there is likely some form of Real Estate Investors organization nearby that you can ask about sources of funding for small projects (less than $150K).

MeetUp is one source to check to see if there are any such organizations in your area. Scroll to the bottom of its homepage and click on Career & Business (bottom right corner); any REI organizations hosting upcoming events should pop up.

If you sign up for a free membership, there is a way to search through all of the interest groups in your desired area (music, dance, language, cooking, wine, outdoors, pets, etc.) and perhaps find a way to contact the real estate group host directly, even if there are no upcoming events scheduled.

I am not at all familiar with brokers, but wanted to throw out the idea of a Private Money Lender as a finance option…

Some investors don’t want to tie up their money in an up and down stock market, and choose, instead, to invest their money in real estate: some offer short-term loans for fix-and-flips, while others offer long-term loans for purchases and/or rentals (buy-and-holds).

In the case of vacant land that you may or may not be developing, a modest “down payment” and the fact that you would be living next door would likely be sufficient “skin in the game” for the lender when considering the loan and determining the overall risk (the likelihood for default on vacant land tends to be higher than on improved land, which is why banks don’t like lending on it)…

Some private lenders also offer rehab (renovation) loans for fix-and-flips and rentals; some banks/mortgage companies offer Home Equity Lines of Credit (HELOC) to assist with renovations, as well.

The way a HELOC works is similar to a credit card: the credit limit may be $15K or $20K, but you only pay interest on the money you’ve actually utilized. If you only spend $5K on flooring, that’s all you’ll pay interest on.

To make your dollars stretch, you could purchase your flooring via CC, then, once the payment is due (after ca. 20 days…longer, if you make the purchase just after your monthly CC statement closes), pay off the CC with the HELOC, dropping your interest rate from 20%+ to less than 10% (I have no idea what the current rate is…it was in the 8% range last time I checked about five years ago or so…).

If you hire a contractor to finish your floors, inquire as to whether s/he accepts credit card payments…or would be willing to allow you to charge the materials to your CC, thereby buying you a little extra time for taking advances from/making payments to the HELOC…

Similar savings at Target on Suave Professionals, in-store only:

• Purchase 4 Suave Professionals Shampoo or Conditioner, 12.6 oz @$2.99, regular price (note the smaller sized bottle vs. the Essentials deal)

• Apply two $3.00/2 manufacturer coupons from the Jan. 24 Unilever Super Saver newspaper insert*

• Pay $5.96 for the 4 bottles of Suave Professionals

• Receive a $5 Target gift card through Jan. 30

Final price $0.96 ($0.24 per bottle, figuring in the $5 Target gift card)

Essentials: 60 oz. for $0.67 = $0.011/oz.
Professionals: 50.4 oz. for $0.96 = $0.019/oz

*If you don’t have a newspaper, here are other ways to get the insert via RedPlumb

@MisterCheap: I see that Walgreens also has the $3 coupon for the Professionals line…do you know if the NEWYOU coupon works for that line, too? (I tried to test it, but I don’t have a Walgreen’s account…)

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