Hard Money Loan? For first Deal?

[Cherry Meekins]

Hi Community! Here's the deal: I've my eye on this house for sale in North Houston. It's a 3/2. Needs about 15k in repairs. Owners acquired it through probate. ARV is roughly 142k -150k. Rent avg: 1200 to 1300. Homeowners willing to do Owner Fi. They own it free and clear. They want 30% down. Then in 6months they want the balance, or if more time is needed, then another 6 months will be considered (I'm sure another deposit will be necessary for them to do it). No interest. No points. So. I'm thinking. If I get a hard money loan, I could fix it up, put on market for owner fi, 25% down or more, and do at least a 8% interest rate minimum. Since I wouldn't hv to pay the owners anything monthly, I could cash flow on it if the terms of the hard money loan fit. I would take 30% from hard money, give that to homeowner for downpay. Recoup that from my buyer's down payment, 6 months after that pay half the balance. Mean time collect the monthly, then in six more months or sooner pay off the owner. I know a hard money lender would only lend up to 70%. With interest and points. But if I got a low enough monthly payback terms, I could cash flow at least 400. That would be my goal. Of course, I'd want to get it refi, or sell the deal to someone who can get refi. I guess I'm looking for some input from hard money lenders who may be interested in helping me with this deal right?!

 Please help! 

[Cherry Meekins]

Originally posted by @Account Closed:

No a hml gives you a mortgage or deed of trust to buy the property they have first position if you had a owner financed property the owner would have first position so no hml loan

 Ohhh ok I understand what you are saying. It would need to be a straight buy upfront. So that I'm not owing two people at one time. I was thinking that because the owner is willing to owner fi, with a lump sum upfront then the rest later with no monthly payments, I thought it could work.