Financing a property & Private Money for Reno

[Cory Dill]

Hello everyone,

New investor here. Closing on my first property this week. I got it off-market and at a great price. This is my first property and I am in on this with 2 partners who are effectively silent partners and I am running the rest. 

I am financing the property at 20% down and as a group, we should have enough to reno the entire property for 30k or so. This is about the ceiling for what we are looking to spend out of our own pockets. Some of the estimates I've gotten are between 30-40k for the renovation so this could be pushing it. My question is, would it make sense to utilize private money for the renovation? My understanding was it was one or the other because the entire purpose of private money is so you could refinance out immediately after receiving an appraisal and close out the loan. While if I move forward with conventional financing we'd have to wait 6 months for a "seasoning" period before being able to refinance. Is it advised against using both in a situation like this? Just want to make sure I am exploring all possible options. 

Thank you in advance for your time and expertise!