Waiting to refinance in 6 months

[Shanna Barnes]

Momentum is so critical for reaching goals. My other half and I have done a house hack with a duplex in Minneapolis, MN (December 2019) and are finishing up on a single family BRRR in Saint Paul, MN next week. We already have renters for the Saint Paul home. We want to capitalize on our momentum but our money is locked into the SP home until we can refinance at the September.

I can apply for another loan now that I have a signed lease but the problem is a down payment. Our goal now is to raise cash with a few flips and then use that to purchase a larger property (apartment building). We have a relationship with a contractor that is interested in a partnership and that will take care of the remodel cost.

Thinking my options through... this is how they look to me.

1)Private loan. My friends and family are not wealthy and few are of the same mind set. This will be challenging but might be possible. We don’t need another partner so they will need to be only interested in the financial benefits of a loan.

2) Honestly 1 is the only realistic option I can think of.

I have considered using my 401k but I am not sure if I can pull from it at this time.

Are there other creative ways to get this accomplished that I am not thinking of?

[Kevin Hunter]

@Shanna Barnes, if the deal is really that good, post it here on BP and see if anyone is interested in investing..