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Updated about 6 years ago on . Most recent reply

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Bryan Harper
  • Gallup, NM
0
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$0 money. 3 multifamily deal thoughts...

Bryan Harper
  • Gallup, NM
Posted

If owner will carry the agreement, will the Brrrr method still work? Especially if once renovated and refinanced by a hard money lender I could pay for the properties? Where will this leave me and what should I watch out for? 

If the deal is right how do i find a private lender for renovations?

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Danielle Wolter
  • Rental Property Investor
  • San Diego, CA
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Danielle Wolter
  • Rental Property Investor
  • San Diego, CA
Replied

@Bryan Harper I'm curious why you would be refinancing using a hard money lender? Typically the rates would be very high and it would be a short term loan (less than a year). Is there a reason you wouldn't try and refinance through a local bank or credit union to get your cash out?

As far as the renovations, you can start with friends and family for private money. After that, I haven't had much experience, hopefully someone else has ore insight. It can also help to get a 0% APR credit card (it's usually for 12-18 months) to pay for the rehab. You just would need to be careful to pay it off in time, otherwise you're hit with some hefty interest.

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