Funding for first BRRRR

[Robin L.]

My husband and I have so far flipped two houses by living in them and doing most of the work ourselves. Now we're trying to get started on our first buy and hold with the BRRRR strategy. We've saved up about $30k of our own money to put into this investment. We found a property with an ARV of $230k, needs about $30k in updates and we're hoping to get it for $120k.

Since our credit scores are good and we have solid income, we got prequalified with a big national bank easily, the problem is we would have to use a good chunk of that $30k for the 20% downpayment and then not have enough funds for the rehab. 

What are our options besides private money? (we're not against private money but so far it's been hard to find due to our newbie status) Should we try hard money loans? What should we look for/be aware of in a hard money lender scenario? What about crowdsourcing like Patch of Land?

Thanks in advance!

[Corby Goade]

Without risk, there is no reward. If the ARV of the property truly is $230 and you can get it for $120, what is the risk? What if you do $15k of the renovations and run out of money? Could you put it on the MLS for $160 as a fixer and still pocket $20k? If you can use a HELOC to make improvements, that is the best possible scenario, it IS low risk. If you of your husband feel that is too high risk, maybe it isn't that great of a deal?

if you are willing to live there, maybe a 203K?