I have an opportunity to purchase a couple of properties, that will be rentals, as a package deal. My question is should I use a hard money lender or go the traditional route? I already have four other properties but they were a combo of cash and mortgaged homes?
Real Estate Agent · Atlanta, GA · Member since 2020 · 1k+ posts · 1k+ votes
4y
@Account Closed a hard money loan is usually more suitable for investors that are purcahsing fix n flip deals and need to close fast. In your situation, the investment is strictly for the purchase of rentals (buy and hold), therefore, you'll have to connect with a commercial/portfolio lender to finance the deal. Hope this helps
@Michael Dumler, for clarification this would be the the same or similar to getting a commercial loan from the bank? I'm trying to grow my portfolio so I know at some point I'll have to make changes such as a LLC, but will I be able to get commercial loans without it?