Private Lending vs Convention Loan

[Vinh Tran]

Hello all, 

This is my first fix-and-rent property. I've found a duplex for $100K but it needs a lot of work, probably needs another $50k-$70k into rehab. The goal for this project is to implement the BRRR method to get to 2nd property, but I am not really sure how to start. The question is should I use private money lender to fund the $170k? and once the property completely fixed up and ready for rent I can refinance it at a local bank. Or Should I just go to straight a local bank for the loan and then refinance later on? Any advice on this would be appreciated it.

Thank you