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Updated over 4 years ago on . Most recent reply

User Stats

21
Posts
7
Votes
Gabriel J.
7
Votes |
21
Posts

1 Property Rented, what now?

Gabriel J.
Posted

I first purchased a small 3bd, 2 bth, basically move in ready for 60k. I was a little wary of the BRRRR method so I went straight to the lender and used a good chunk of cash for my 20% down and used some more cash for the rehab which about 5k. I am pretty handy and did the work myself. It took me a month and a half to get rented and it now rents for $889, mortgage is $375.

However, now I am short on cash. I have a family member who is interested in what I am doing and wants to lend me up to at least $50k (unsure if they are wanting to charge interest, however its family). I wanted BP advice on what to do with this $50k, do I go through a hard-money lender? Use it for rehab costs? Since I am low on cash I am not looking to go outside the SW MO area because my assumption I probably do not have the cash for PM company. 

Any advice would be appreciated. Or if you need more info let me know. Thanks!

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