Updated about 6 years ago on . Most recent reply
Using Hard Money to Rent & Hold (No Rehab) - Can this Work?
As an investor, what do you do when you don't have enough money?
The one route that I have seen is hard money. Below are the details of the deal. How do I get in an out of this deal quickly and without messing myself over? Or how do I get the money quickly.
Property:
- Price: $315,000
- Size: 3 unit building (1 3br/2ba, 1 2br/2ba, 1 1br/1ba)
- Tenants: None
- Condition: Rehabbed (NO WORK NEEDED)
- DSCR:1.64
Hard Money Loan Offer:
- Down Payment: 15%
- Interest Rate: 12%
- Length of loan: 9 months
Most Popular Reply
Hello Ebony, why cant you partner with an investor? My second concern is there is no tenants, that is its is not currently cash flowing , Are you wholesaling this deal that is why you are getting a hard money. Why cant you put the property under contract?