1st time BRRRR finace strategy
My partner and I currently have 4 LTR and are wanting to do our first BRRRR to raise some more capital. We have $35,000 cash on hand and wanted to explore our lending options. Would we be better off buying a distressed home with that cash, then getting a construction loan, or finance the home with a loan through a local bank and use the cash for the rehab? We also understand we may need a bit more capital for the rehab so would we be able to add more to the home loan? We understand it's difficult to receive a conventional loan on such a small purchase price. Are there options other than hard money?
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Are you against a construction or hard money loan?