Hard Money Lenders for Rental Properties Discussion

[Jonathon Thompson]

Whats up BP community, I am a flipper and rental investor with 8 deals under my belt in my first 9 months being in business. Those were all cash deals and refinancing them is not an option for reasons I will not get into on here. I have about $30K and I'm looking for flips but in my market the profit margins are razor thin. I want to reach out to you all with your enormous brains and ask you about using a hard money lender to BRRRR rental units. (Preferably single family homes but I am open to all vehicles here). Good flips are hard to come by here and due to the tremendous military presence, rentals are RED HOTTTT!!!!! How can I use hard money to really start blowing up this portfolio? Lets connect, lets chat, lets make some moves ladies and gentlemen. Thanks BP

[Dan Gamache]

@Jonathon Thompson You can purchase distressed property with 10% downpayment, a fix n flip loan will fund the purchase of property and give you a rehab credit line for repairs (works on reimbursement draws). Once rehab completed you can refinance out of rehab loan and into long term rental loans (need to have 90 days of ownership to use new appraised value). You can cash out up to 75% on new value and get your cash out to repeat. So I guess it all depends on price range that you are looking at to determine if the 30k is enough capital.