Ideas of funding a new deal
Hello all,
I am posting this to gain some insight and a variety of different ideas on how to fund my next deal. I currently own a property under a FHA Loan, so that path for my next deal seems to be out of the question.
I am looking to fund hopefully a duplex/triplex for my next deal. I have researched some of the hard money lenders that they have posted on BiggerPockets, and from what I find is that it does not seem that Hard Money Lenders are for long term rental properties.
At the current moment, I do not have enough equity in my house to where I would be able to pull out the minimum $25,000 required by the current bank my loan is under.
Another option that I am about to do some research on is to see if I would be able to pull some out of my 401k plan. I have quite a bit saved up in my savings, but I know I am going to need more for closing and rehab costs.
What are some other options that I haven't mentioned that you guys have experienced in the past with creative funding for a long term rental?
Any information would be great!
Thank you