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Updated about 6 years ago on . Most recent reply
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New investor financing
Hello all,
I’m brand new to investing, actually haven’t even started yet. Just a quick question though. I’m in the Long Island, NY market where houses are very expensive. Even if I have 20% for a investment, should I look at trying to not use any of my own cash? Trying to weigh the advantages to paying a high interest with hard money or other creative financing. Also, Should I start with flipping or BRRRRs as a beginner?
Thanks
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@Derek Wolpert The flipping vs BRRRR question is all about your personal goals and capital/lendability as an individual. There is no magic answer to your 20% down question either. Each project will be different. Some you will not want to use hard money because the interest will eat away all possible profit or equity in your deal. Other times you will want to use it to scale your 20% into 2 or 3 properties instead of one. Again, it will all be deal specific and will also depend on your goals.
Sorry there is no clear answer for you questions. That is part of nuances of being an investor and getting a feel for what will work for each project.