Earnest Money Down Payment For First Flip
Hi new & experienced investors, I need help with the initial deposit on my company's first flip, I have spoken to several hard money lenders but maybe not the right one yet. DoHardMoney does offer 100% financing (up to 70% arv) but you need to put down your own earnest money which (in Massachusetts) is typically $500-1000 with your offer and 2.5-5% down with your p&s agreement. Is it wise to take out a personal or small business loan to cover that initial down payment? Or is there a hard money lender that can assist with this portion as well? DoHardMoney is $3,000 up front to invest in their program with $2,350 promised back to you at your first closing. The plan would be to rehab and sell the property and pay back DoHardMoney and the personal/small business loan immediately and hopefully have enough left to use my own 2.5-5% down on the next one. Thanks for your help.