1878 Farm House needing full rehab requires Hard money only -need advice!

[Amanda Eisert]

My husband and I live in Florida and are starting to research property investing and building a portfolio. Additionally, we have family in Ohio and have been looking to get a place up there to spend summers near family. We have found an old farmhouse on and acre and a half that we wanted to purchase and fix up over time while we used it to visit our aging parents then eventually (5-10+years) sell or rent it out. We have down-payment, and funding approved for a 30y conventional, but this seller is asking for CASH, ARM or Hard Money only. Since we are new to Real Estate Investing and various funding options, we aren't sure how we can make this happen. How do you do a buy and hold with hard money if the loan terms are 12 months?

[Caleb Brown]

With hard money it's a short term loan meant for flipping or refinancing so you can hold. There is the closing costs for when you refi but hard money is a great tool