I have funding (private $) but i need deals
Hi BP,
In the Pittsburgh, PA market.
So I have a good problem if you will.
I BRRRRHOUSEhacked my first duplex with 100%, PP+reno+cc, my fathers monies. I purchased off him using FHA loan 30yr @2.25% 96.5LTV 3.5% ~$8k total out of my own pocket. Plus he gifted equity to excuse the exemption on non arms length transactions. Which would of capped my FHA LTV at 85%.
Purchased that why to save my own capital, improve my credit score, and I saved on taxes! In PA no realty transfer tax on family to family transactions.
Say all that to say, I used private money on my first deal and paid my lender back plus the interest. So my good problem is I can reuse the original $190k from my dad, but he also is sharing one of his lenders with me. She wants to invest potentially up to $250k but for sure $150k right now.
The challenge for me is to learn the velocity of money. So I need to find deals to take this initial monies and reuse it potentially 4x a year.