Private Lender, hard money, cash? Which to choose
Hello,
This may be a long post lol.
So I’ve been wholesaling for a while now, the good thing about that is that I have a gauge on real estate but now I’m looking to start investing.
Here’s my situation. I have a full time job, making almost $4000 a month. Pretty good credit. Last time I checked it was around 708-715 I can’t remember exactly.
Additionally I have about $13k reserved for investing.
Here’s what I’m looking to get out of investing:
-Cash flow while also being able to keep some cash reserves
-for my first property I don’t want too big of a rehab because I will still be working my full time so I don’t have much time to really monitor how the rehab is going if that makes sense.
I do have some real estate education on investing from wholesaling and working with different buyers. But of course most of them used cash!
With my budget and my market, if I buy cash it’s pretty much a shell and leaves no reserves for rehab.
My question and point to all of this, which funding route should I go based on my investing goals?
Most Popular Reply
@Raven Walker Have you considered househacking? You can buy a 2-4 unit property with a FHA loan and only put down 3.5%, you live in one unit and then rent out the others. From there you could put money into the property and then do a cash out refinance, then use that money from your next project and repeat. I don't know much about the market over there but here 13k and a W2 job like that could go a long ways.