Financing a renovation of a house in a different state?
December 3, 2012 8:13 AM Subscribe
How to finance home renovation?
I am an absentee co-owner of a property on the West side of Portland, Oregon. My brother and I own it outright, but I'd like to make a plan on the finances of improving it. Neither owner lives in Oregon.
Cry me a river, right? But I need help.
posted by Glomar response to work & money (3 answers total)
The house needs work (siding, maybe roof) before it can be insured (according to one insurer).
Additional interior improvements are on the list.
The property is valuable but the house not so much. I'd like to improve the house and its value.
What lenders and options are there for non-domicile loans when it is not insured? I'd like to work with a credit union but the non-residence would be a hurdle, I think.
I plan to move in to the house in the next few years and that would open up other options.
What are the best possibilities for a small loan to get the short-term work done until then?