All Forum Posts by: Charles Street

Is it wise to use hard money to purchase a flip to avoid 15%-25% down and then immediately refinance with a conventional loan for a rehab project.

I plan to flip the property in the end but just curious what thoughts are on this and some general advice really.

Thanks!

Welcome Tyler!! I am fairly new myself but enjoying the wealth of knowledge and friendly community here on BP. I am in Beaverton and always looking to link up with local folks who are on the same mission as myself. Let me know how your wholesaler search goes.

I have a judgement showing up on my credit report that is my fathers since we share the same name.  When I call the courts to get it removed they say they can do nothing for me.  

Any ideas how to go about getting this removed?  Thanks!

I am as well so let me know how it goes.

Welcome Kolbi!!  Best of luck 

@John D.  I have thought of that but timing is everything so it will take much longer to fund a conventional loan opposed to hard money. Also if I can come with 10% down initially rather than 25% it would be my preference. 

Curious what the thought is on obtaining a hard money loan to purchase a home quickly at 12% and 2 points, then immediately refinance with conventional at 4.5%.. The conventional loan will include the rehab costs of the flip or hold property depending on which route I go. Would love to hear everyone's opinion on this, good or bad. Thanks!