Just received an acceptance on my first property help!!
Just obtained my first SF (3/1.5) property contract!! I have a pre approval from Wells Fargo plus a hard money lender. I think I want to finance thru hard money during the Reno and then refinance.
My agent has submitted the offer in my name and stated financing is Wells. I think it can still be changed.
If I use HM then I can use my LLC. HM loans up to 70% LTV, interest only which sounds good to me (2/3 points). 🤷♀️
But since this is all new to me, I’m wonder if I should just goes conventional with 15% down. (25k plus closing costs) I’ll have to use my own $ (probably credit) for repairs and updates. Depending on the level of updates will cost 5-15k.
I’m excited and nervous but don’t want to screw this up financially. I plan on using this as a rental.
many advice or words of encouragement would be appreciated.