Hard money strategy for rental property
Hello BP, I am a newbie and am in search of my 1st rental. I had some few idea for acquisition due to the fact I do not have much credit. I was wondering if a hard money lender will find the purchase price, is refinancingredients into a conventional loan an option to due say 6 months to a year down the road? I Thank you all in advance!
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@Thadeus Frederick I'd be cautious with this strategy however. If you don't have much credit, how are you going to refinance with a conventional lender? If you can't refinance or sell within the 6 months, you could be foreclosed on by the HML. Maybe talk to some banks now to see the steps needed to get the conventional loan approval in the future.