Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Multi-Family and Apartment Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 6 years ago on .

User Stats

5
Posts
2
Votes
Quincy Holmes
  • Washington D.C.
2
Votes |
5
Posts

Does this even make sense?

Quincy Holmes
  • Washington D.C.
Posted

Looking to get a hard money loan to finance a 55k Distressed property+ 30k repairs. I am keeping this as a rental property

Then refinance with a 30-year mortgage from a bank to pay back lenders after renovations are made. 

The deal is a single family ( $100k ARV) that I will turn into a duplex. Small church structure that I will turn into a single-family apartment. And it is bundled with an adjacent lot.

Does this type of financing make sense or should I seek an investor partner? Note I don't have any experience and the only value that I can bring is that I can get this deal to them for a lot less.