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Using Private money to fund renovations?
My wife and I closed on a gorgeous rural property in the East Hudson River Valley area of Upstate NY in May.
We are settling in and ready to take on the renovation process.
We took months to find a property that would do well as a live and flip or a buy and hold property that could be used as a luxury STR OR MTR.
The home sits on 26 acres and has gorgeous country views (pond and creek on the property as well). It was purchased at 345k but was appraised at 410K. Our research shows the potential ARV of $750-$850 (potentially higher if we add a pool). Renovation estimates came to roughly $150-$175 leaving an estimated $230k- $355+k worth of sweat equity.
We arent sure which route to take. We were initially hoping to find a private lender for the deal but are considering hard money as well. Does anyone have insights as to what may be the best route to take? Any private money lenders looking to invest into such a project?
I appreciate your time and energy.