Can someone help? BRRR with PML or mortgage
I have a property I am looking at purchasing for about $250k as a buy and hold for about 40% under market value and doing BRRR. My question is if I was to use a private money lender or even hard money lender how would it look when I went to refinance? Would a bank still look for me to come up with down payment when looking to refinance or would I be able to take it out of the ARV?
Also, would you say private money is the best way to go if I could get a conventional loan go that route? I ask because I have funds tied up so my concern would be coming up for down payment AND rehab money. Any insight is appreciated. Thanks!