I'm excited to share some good news. We are clear to close on our triplex. Good rental income and positive ROI. Now thinking on buying the next one, but it might be challenging due to low on funds, it might take awhile. Thank you all for your knowledge, experience and guidance. BP rocks!!!
@Rudy Bello congrats on the triplex! Once you close, you should do a write up and post pics.
Congrats @Rudy Bello !
And have you considered utilizing Hard Money for the next deal? Hard/Private Money is how I built the majority of my portfolio with none of my own money.
Congrats on your new purchase
@Dave Van Horn but isn’t hard money more prone to flipping than buy and a hold?
Hard money is often used for the BRRRR strategy too. Essentially a fix and hold strategy.
However, even if the property doesn't need any fixing, you can use hard money as a bridge loan, season it for 6 months, and then refinance into a conventional loan. This allows you to get into a property for as low as 10% down.
@Nghi Le ok that makes sense. I will look into it more. Any recommendations on whom you have used or know any companies I can build a relationship with?
I've borrowed from 15 different hard money lenders, both local and national. Will PM you.
Congratulations... I would also suggest, like a few already have, look into hard money and private money as well. Or get creative in terms of financing.
Nghi is correct.
And to Dustin's point there are other creative strategies to acquire property such as Subject-To for example.
That's great to hear, congrats Rudy!
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