Rental Property Investor · Springfield, MO · Member since 2020 · 120 posts · 96 votes
5y
@Janelle K. If you have the cash on hand to purchase the property and renovations, then that is the best way to go. With this method, obviously you will not have to pay any fees or interest.
If you do not have all the cash on hand, then you can refinance other existing properties or take cash out of your personal residence. Yes method will cost you some thing, but it is cheaper than this next method.
Private or a hard money is another option. Typically, private money is cheaper and you get it by leveraging relationships with friends, family members, and colleagues. Hard money, on the other hand, can be found by simply Googling “hard money lenders near me”.
In short, use the cheapest financing method that you can, but don’t delay doing deals because you don’t have all the cash yet.