Found financing... now to find some deals
So I’ve been researching for the past while and finally got the ball rolling. I’m looking at doing brrrr strategy. I’ve spoken to a couple local banks to figure out financing options and I was surprised how investor friendly the options are...
The best one was 10% down and they’ll finance 90% of purchase price and 100% of rehab costs, as long as you end up with 20% equity in the home. Which is what we want anyways, right! All of it can be rolled into a 5 year adjustable rate mortgage for 20 years. First 5 years at 5%
With terms like this why would anyone use hard money or private money lenders? What am I missing?