First Deal - Should I go Hard Money?

[Matt Lawton]

Hello, I have been wanting to get into real estate since last year. I have been investing solely in stocks for years and completely overlooked the power of leverage. I have never purchased a property before. I was looking to buy a property in Phoenix and an opportunity to buy a duplex for about $30K under the market rate of comparable units. The seller wants to close in 7 days because they have another deal that they need money for. My lender requires an appraisal and said it would take 30 days to close. The seller recommended a hard money lender that could close in 7 days at 7% with 10% down. Do you think this would be a wise move for a first time deal? My first thought is yes and then to refinance in a year. I wanted to get the thoughts of someone more experienced because I am a complete newbie. I appreciate it.