Hey all.. i’ve been sitting on the sideline long enough and want to get my first rental property and also help out my sister-in-law. She wants to rent a house and I feel like I can help her out. I only have 10 K for a down payment but wanted to use a hard money loan to buy the house cash and maybe put a little bit of money into it to make it worth more. Then refinance And pay off the hard money loan. basically want to do a BBBBR. Unfortunately I live in New Jersey and I know this process can be hard here but I’m up for the challenge. The properties I’m looking at are between 80 to 100k. So my hard money loan would be no more than 120k. Looking for some information on hard money lending or companies that might be able to help me with my situation. Any information would be helpful. Thanks in advance
@Ryan Hall hard money can be expensive and also tough to get for your first deal. Also, hard money + family + first deal = potentially lots of complexity and drama. 10K is not a lot if that's all you have - you would need to pay points to get the hard money loan, interest payments to carry it, and they're not going to want to finance 100% of the purchase and repairs.
10K probably isn't going to be enough for a hard money loan purchase even at 100% financing. The family aspect also doesn't help and may disqualify you