How Do I utilize a Hard Money Lender and How much do I need Saved

[Christopher Andrews]

So I am still in the planning stages of getting my First Plex. I found a Triplex for $75000 that is a 6 bedroom 3 bathroom 2121 sq feet on a 1-acre lot with long term tenants in place. I plan on making a deal in April of this year. By then I should have 2600$ saved up and will be able to pull another 3000 from my 401K plus about 1000 from my Tax refund. So I should have about 6600$. I am considering using a Hard Money lender to purchase the initial property. I want to employ the Brrrr Strategy and do a live in house hack. What do I need for a down payment on a Hard money loan for a 75K house? Will I have enough or will I need more? Or should I instead use an FHA 3.5% Down loan? When I contacted a lender they said I was preapproved for a 3.5 % FHA loan but would need 11K down to cover the DP and closing costs. The property is in Central NY.