Hard Money / First Deal Financing
Hi! My husband and I just did a cash out refinance on our home to a conventional loan with a lower interest rate/monthly payment and $20K cash out. We currently live in a 3 bed/2 bath in DFW, Texas. We are looking to buy a fourplex in the area and rent out our current property.
We are looking to use a hard money loan to cover the down payment and rehab costs for a fourplex. After six months, we plan to pay back the hard money loan and refinance the property to do it all over again with a different property. We’re wondering if anyone has any other thoughts on financing or if hard money is the best route? As I said, this will be our first investment and we’re trying to get as much advice as we can before we start financing. Thank you!