BRRR Funding for

Question

I have found a home for sale, that I think would be a good first BRRRR project. The problem I'm having is finding funding to get the deal done. The purchase price would be about $30K and it would need about $10k for repairs, mostly cosmetic updates. ARV would be about $75k. I have about $7000 but would to borrow the rest. I have been looking at hard money loans, but they either don't lend on such a small amount or there are about $9k in fees. Anyone have any ideas besides trying to purchase it as an owner occupant and waiting out title seasoning time?

Thanks in advance for any input!

Account Closed · Answer

@Tyler Roshell

Family? Friends? HML? IRA? HELOC? Multiple blood and plasma donations?

Tyler Roshell · Answer

Lol Looks like family and friends are next up!

Tyler Roshell · Answer

I don't currently own the home I'm in now and I hit my maximum amount of donations last week.

Jared McCullough · Answer

You forgot sperm....but in reality this pretty much compiles the list of available sources as I have still not found the elusive money tree. If you know anyone with substantial reserves in savings (i.e. I know that seems to be rare these days) try offering them a few grand throw back on the deal to offer better return than a high yield savings. Borrow money for cash transactions, apply for refinance and if all done right you should be done in a few months. This being said make sure you have your ducks in a row so they are not waiting on their money back.

BRRR Funding for <50k?