Funding - investment property w/low cash

[Elle Jones]

Have very little cash but high credit, is hard money the best option to purchase an investment property?

[Evan Polaski]

@Elle Jones, as mentioned, unfortunately, cash is required even when it seems like it isn't.  100% financing is often on the purchase price and rehab, but there are fees just to secure the loan that need paid up front.  Then there are reserve requirements, which you have to show proof of cash for.  And often with draws, you have to submit paid receipts to be reimbursed, so you need cash to cover the timing of bill being paid and draw being funded.

How you get that cash is a little more fluid.  You can beg or borrow it.  You can partner with a financial partner to have it.  Typically friends and family are the first targets.