Private Lending & Conventional Mortgage Advice
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated over 6 years ago,
Private/hard money lender aftermath
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?