Owner Financing...now what?
Hey BP,
I have an opportunity to do seller financing on a multi family that would be a great BRRRR opportunity, but because I'm short on cash, I am looking for funds to do the rehab and then cash out to be able to pay back the owner and construction loan.
Not sure what route would be appropriate for funding the rehab. Should I go with a HML, get a SBA loan, partner up etc.?
Do not have an official rehab estimate yet, but right now its probably ball park $50-60k.
My biggest fear would be that once I go to get a bank loan against the remodeled/rented property, I would have trouble and hence be stuck with two loans to continue to pay (seller & construction loan). Because of this would a small private loan be better than a HML?
Thanks!
Kevin