Using Hard Money For First Real Estate Inv (BRRR Strategy)

[Steven Brooks]

Would someone be able to help me figure if Hard Money is my best bet for a buy and hold with the intent of using the BRRR Strategy? I have a hml who will cover 100% purchase and rehab and closing at a 12% Interest rate 5 points on a 9 month term interest only payment 1st of every month. I also plan on section 8 both floors. its a duplex first floor 1 bed 1 bath, second floor 2 bed 1 bath, 1575 sq foot property.

Purchase price: 55k

Repair Cost: 20k

Projected ARV: 100-110k

Expected Rent: 1750/mo

With a predicted 75% refinance value coming in at $82-85k

I do not have the money or private money to help me do a conventional loan. I already own a home and am just starting out in real estate investment.