All Forum Posts by: Blake Carter

I offered on a property from a wholesaler and it was accepted. Keep in mind I have never bought a property and plan on getting a hard money loan to fund the purchase and repairs. He just asked me how soon I would like to close and I'm not sure how I should answer considering I'm not an all cash buyer.

Hello there! I have never done a BRRR deal and am a little lost on the financing structure, allow me to explain...

The list price is 77k (negotiable) and the ARV is somewhere in the realm of $115k. Repairs approx $10-15k. Repairs will take 6 - 10 weeks give or take.

I would like to BRRR this guy but here is my hold up. I am unsure of how loans and such work in this scenario.

From what I understand I can get a hard money loan to finance the home & repairs, correct? I've never done hard money loans - so how much will I need to put down? I've heard before that hard money lenders will also give a few months with no payments. Is that true or is that hogwash?

THEN

After I do the repairs, would I just get a standard 30 year loan and that will pay for my hard money loan? 

I'm just missing the link where I am seeing people get their entire down payment back. Won't the traditional lender still charge a down payment on a refinance? 

Is my question making any sense at all? Is it obvious that I'm slightly lost?

HELP

- Blake