Hard Money Lenders Brrrr

[David Fischer]

I've been analyzing a few different properties and am looking to buy my first rental using the BRRRR strategy.. I am currently waiting to hear back from the bank to see what I qualify for, but since I will have a low down payment I know I will have to use a FHA loan or go with a hard money lender in order to rehab the properties. With that being said does anyone recommend a specific lender? Also, what happens if I go with a hard money lender and I can't get a bank to refinance?

[Jerry Padilla]

@David Fischer

Are you intending to occupy the property as well? There are low down payment options, but they are for single family owner occupied loans. If this is what you are looking for; 

FHA or FHA 203k are good options, but come along with high fee's in mortgage insurance that stay on for the life of the loan.

Conventional and HomeStyle loans for a primary owner occupied loans can go as low as 3% down for a first time home buyer and 5% down if not.