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Updated over 6 years ago,

User Stats

148
Posts
38
Votes
Sergio Aguinaga
  • Detroit, MI
38
Votes |
148
Posts

Private/hard money lender aftermath

Sergio Aguinaga
  • Detroit, MI
Posted
Hello. My question is pretty straIght forward. Say you find a good rental property and your private/hard money lender approves it. So you pay 20,000 and borrow 70,000 from a private/hard money lender for purchase and repairs. You get it rented out but how are you supposed to pay 70,000 back in 8 months? One option is to get a mortgage on it so they would give me the value of the home in cash in exchange for the mortgage? What other options do I have?

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