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Updated about 3 years ago,
Hard money vs conventional
Hi everyone,
I bought a duplex this year and it's going great. I want to get into BRRRRing properties early next year. I have 2 options I thought of and would appreciate opinions-
1) Use 5% down on a conventional loan for a single family that needs cosmetic rehab. Rehab it while living in it and cash out refi after a year.
2) Get a hard money loan and do a BRRRR that way.
My main issue is running out of money so that is why BRRRR is a great option. I've read Davis Green's book and found it very insightful. I've found some hard money lenders on bigger pockets and they don't seem as intimidating as I once thought. Any opinions appreciated or if anyone has decided this for themselves before! Thank you.