about OPM please help me.
GOOD DAY BP!
i wanted to ask question,
for example;
there is this property that is listed for 254k with rehab cost around 9000 usd and its ARV is about 300k. now i need, 263k i wanted to use other peoples money. what is the best way to finance this property without using any of my personal money?
PRICE: 254K
RC: 9000
ARV: 300K
BORROW FROM HARD/PRIVATE MONEY LENDER: 263K
RENT IT (2% RULE): 5260
REFINANCE THE PROPERTY: 300K x 80% = 240,000
now;
240,000 (cashout refinance) minus 263,000 (borrowed from hard/private money lender) = -23,000 i think its a bad deal.
your help will be much appreciated! thank you in advance!