Rental Property Investor · Corpus Christi, TX (78412) · Member since 2020 · 1 post · 0 votes
So this would be my first investment property and I am just getting started. Should I use a private money lender or a traditional mortgage lender to get the initial money to purchase the home and get the rehab money?
All depends which cost you less, Also your self awareness. With private money you should make sure your capable of executing being the fact a traditional lender has guidelines and rules for each part of the process. Private money should/would be the better option but comes with a larger responsibility.
@Adrian Vega do you have private money lined up!? Do that, it’s their money, so they can be much more flexible. A commercial lender is loaning out other peoples money, they have boxes they need to check and narrow frameworks, but is a great option when you don’t have access to a private money lender.
Make sure you are drawing lines with a private money lender though, they are your lender, not your partner.