HML Alternatives for 1st Deal - Personal Loan, LOC, CC?

[Kurt R.]

Looking to BRRRR a SFR or small multi-family and only have about $30k cash. I'm not afraid of the cost of HML if the numbers make sense but hear the logistics of funding the rehab, etc. can be a nightmare...especially for a newbie.

Both my partner and I have good incomes and credit and could qualify for a personal loan which would be enough to fund a cash purchase on something < $100k (albeit at a high rate).  We could then use any leftover cash and credit cards to finance rehab.

My question is whether this is a viable strategy?  Has anyone done this with success?  I've heard it can hurt our individual credit scores and make the eventual refinance into a conventional mortgage challenging.

Any tips or advice appreciated!