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Jared W Smith
  • Architect
  • Westchester County, NY
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Hardmoney for Buy and hold?

Jared W Smith
  • Architect
  • Westchester County, NY
Posted Apr 2 2019, 13:19

Hello all, working on getting my first rental property. I feel as though I am decently versed in real estate and can analyze properties well. At this point I feel like I may be falling into analysis paralysis.. I’m getting stuck on making sure I have more than one financing/exit strategy. I’m looking in multi-family 3-4 units.. 5+ if it comes along. 

After clearing up my personal finances, I will have enough for part of a down payment. My question is, IS GOING WITH A HARDMONEY LOAN AN OPTION IF YOU CAN PURCHASE BELOW RETAIL WITH SMALL REPAIRS NOT FOR A FLIP BUT FOR BUY AND HOLD? This seems unorthodox. 

I ask this, for it to be an alternate to getting a partner or saving more to cover 100% of a downpayment. 

Any other ideas? 

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