Funding a BRRRR as my second rental

[Terri O'Brien]

I am looking to buy my second rental property.  There is a 4 plex that is a complete renovation.  It is listed for $77,000 and has already been gutted.  There are 3 apartments that are 1 bedrooms and 1 apartment has 2 bedrooms.  I think I can get $1,000 for the 1 bedroom and $1,200 for the 2 bedroom.  I have the cash for the purchase. How do I fund the renovation?  I have seen some posts about cash advance credit cards (which cost you $4,000 and then they negotiate the advance).  Has anyone else used this method?  I don't think a hard money lender would help me since this is only my second deal.  Any suggestions?

[Joseph Firmin]

Hi @Terri O'Brien, I wouldn't discount the fact that there are so many lenders out there that finance 100% of the renovations, especially if you the cash to purchase. That much skin in the game gives the lender comfort and willingness to lend to someone, even if it is their 2nd deal. They look at the deal also, so if you can demonstrate that the numbers work and you have the skin in the game, they more than likely will lend.