Updated about 4 years ago on . Most recent reply
Hard Money or Traditional
I've been setting things up to use hard money for a BRRRR project because they usually don't qualify for a traditional finance option. What if I got a good purchase price on a property that could qualify for a traditional loan? Any reason to continue with hard money over traditional? ARV 340K, purchase price 250, rehab to get it to 340k would be about 30k. I was thinking 20% down, rehab out of pocket and then finish out the BR,rent,refi,and move on. I actually haven't decided if I am going to flip or rent, rent would be about $2100/month. This deal with these numbers doesn't quite hit the 1% or the 75% to LTV rules. I haven't even put my offer in yet, just thinking it out in case they actually take the offer. The sellers are going through a divorce and have priced it like it is in mint condition.....so we will see.