Updated over 7 years ago on . Most recent reply
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?
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@Sergio Aguinaga correct! The hard money loan is a loan against the property, just like a mortgage