Refinancing to Cash Out Hard Money Loans

[Anthony Ogletree]

Hi all.

I need some advice on refinancing a rental property.

I'm going to be purchasing some buy'n'hold properties very soon. Due to my limited capital I'll need to use hard money to purchase and fix said properties for rent. What I'm trying to do now is secure financial backing in the form of refi options for when the properties are rent-ready. I plan to visit as many local community banks and credit unions as I can to have it locked up BEFORE I start looking for deals. Is this a good strategy? If not, what would be a good strategy?

[Mike Cowper]

Have you considered partnerships? You could use resources beyond cash and split profits. For example, you could put up some of your money, locate a deal, prove that there is money to be made, then identify a person that may have cash but not other resources. If you find a good deal, you should be able to find someone who would want a piece of it.