Wants To Purchase 2nd Property

[Grant Mitchell]

Hello All, Closed on my first property back in February. Now have actual tenants moving in a few weeks from now. I’m attempting the BRRRR strategy but can’t refinance for another few months due to having low equity in home. Is there another way to scale at a more accelerated pace? Just looking at ways to get as many units as possible (good deals of course). All pointers, success stories, and advice are welcome! Thanks

[Sean Snider]

Hi, Grant!

Congrats on the February Close!  Now that you're locking in on deal number two, have you thought about seeking private lending from persons in your network (e.g. family, friends, mentors, etc.)?   I understand that many people in the BP community will either source loans from non-bank lenders or partner with someone who can fund the deal for interest (or even equity ownership in the property).  There are certainly pros and cons to each.  However, I think that if you were to lock in a private-party loan to fund the second property, you could repay the debt service once your mortgage for property number one is issued in a couple of months.

I'd be happy to hear your thoughts on the above.  Regardless, best of luck!

Sean