Private funding for Rentals

[Chance Akin]

If you truly have no money or credit to start into this venture. How can you use private money for buying property used for rentals when due to being given such a short term on the loan?

[Ryland Taniguchi]

Originally posted by @Angelica Osusky:

@Ryland Taniguchi I am interested in the BRRR strategy. I'd be using cash for the deals. However, I am wondering typically how many times can a person refinance?

 Depends who you finance through. We have a local bank here that will loan at high 4% on fixer properties but they will only loan to you a total of a $1 million. Another local bank will loan as much as you want as a commercial loan. The problem now that all these local banks are based on one's relationship, track record and assets under deposit.

I actually am working for a solution on this and in the middle of raising $35 million for BRRRR financing. Would be too separate loans with the first hard money which it sounds like you don't need. The second part would be a 30-year fixed loan at 6.5%, 2 pts, 70% LTV, no seasoning, asset and cash flow based loan, 600 credit score, and minimal income and reserve requirements. It is private money. Would be nationwide and available in maybe 4-6 months. You could do unlimited refinances as long as the cash flow numbers work.