Understanding Private Money Loans
Hey BP,
My wife and I are self-employed and have a nice savings but because of our taxes (we expense A LOT of things) we're having trouble with conventional loans so we started looking at Private Money Lenders.
We're looking to buy our first investment property... a duplex, live in one unit, rehab the other then rent that one out while we rehab our unit. Does it make sense to use a Private Money Loan to purchase the property and then refi with a long term conventional loan after 1 year?
Thanks!
Martin