Buy and Hold - Financing - Hard Money/Private Money - Short Sale
Hey everyone, this will be my 2nd buy and hold, but it's my 1st time rehabbing (my 1st buy and hold was a new townhouse that I didn't have to put any work in to). I have a property I'm interested in.
The bank approved the number $115,000.
I believe the ARV will be around $160,000.
It seems like it's going to be 15,000 to 20,000 in rehab.
I'm comfortable with putting around $75,000 of my own cash in.
Question: Should I get a hard money (or private money) loan for the difference (plus rehab), rehab it, then refinance it at 80% LTV w/ a conventional loan?
I would do this to keep cash in hand and get a better COC return. (Right now I have 2 mortgages, 1 primary and 1 buy and hold). I believe it won't be hard for me to secure a loan w/ my credit and income.
Any help would be awesome! Thanks..