Use private lending for BRRRR with cash purchase or downpayment?
I have access to about $190 000. I was planning to buy in the $150-165 range and use the rest for renos. But recently have been pondering the idea of using the BRRRR strategy with that money as a percentage of a downpayment and aiming for a duplex in the $300-350 range.
In the Kitchener Waterloo area there are literally 4 SFH that I could make offers on under $200 000...I may not be able to increase the value enough to borrow back on the ARV at 80% to cover the initial loan...
What your thoughts...does BRRRR even work if not a cash purchase if using a private lender?