Hi BP Team,
I am a investor out of Athens GA and have 13 rental properties today. I am looking into the Hard Money side of things and am looking for input. I have checked out BRRR strategy but am hung up on still needing to put down the 25% for Hard Money. I understand hard money can close quickly but if I had the 25% I would just continue to use my portfolio lender who charges much lower rates. What are some ways to over come this?
You shouldn't be needing to put 25% down on hard money, especially in GA. You should have plenty of options for 10% down (covers the rehab as well), especially if you have 13 rentals already. Feel free to PM me if you need contacts.
But also depends on the price points you're looking at as well. Some lenders advertise 10%, but with all of their fixed fees and whatnot, at a lower price point (like $50k) it comes out looking like 20%.
Good to hear! I reached out to a few of the Hard Money Lenders here on BP and got the 20 to 25% DP. I'll shoot you a message and we can talk about a few things.
Hope things are going well on the west coast. Seattle is one of my favorite cities.
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