I am moments away (when I find the right deal!) from buying a home in need of repair so I can rehabilitate it and sell it. What I'm not sure of is, should I use the cash I have saved up to get me to this point or should I explore a hard money lender? Your input is appreciated!
You may be more than moments away if you haven't found the right deal yet. Those are tough to come by these days.
If you plan on doing one rehab at a time you'd save money in lender fees and interest by using the money you've saved up.
The benefit of hard money is it allows you to do multiple rehabs at one time, that's why it's worth the fees and interest.
It could be weeks, months, or later this afternoon! I appreciate the insight on the benefits of hard money. For now, just one but the potential for multiple properties at once is in the future plans.
If you're doing one deal, and have the cash, use your own money. If you're trying to spread out, and take down many properties at a time, as @Nick C. said, we're useful there.
If you have it, using your own money is always easiest.
As soon as you bring someone else in (bank, HML, etc) it gets more complicated as you need to answer to them, pay them interest, and likely provide lots of documentation.
Worthwhile if/when you need it - but it’s always nice to be able to close in 1-2 weeks and not worry about anything other than a clean title!