All Forum Posts by: Dillon Francis

Hey fellow BP members. My friend and I have been discussing borrowing hard money to fund our first deal. We thought about using it for a flip, but are there any other strategies we could use hard money for while still being able to pay back the loan in a timely manner?

Being new investors with nothing to show for, we were wondering what are some of the qualifications we may need in order to secure the loan. 

If a flip doesnt go as planned, are there any exit strategies that one could use to keep afloat with a hard money loan?

@Mike Dymski I appreciate the suggestions! I eventually want to start using the BRRRR method, but I know that typically involves a smaller chunk of capital to begin with. I do like the idea of seller financing and will keep an eye out for those deals!

@Eric James well that's where creative financing comes in right!?

@Jon Reed I hear you man, just doing some creative brainstorming and hearing people's opinions and expertise. I appreciate your feedback! Great suggestion as well. I have been starting to look around other markets out of curiosity and seeing if that type of investing works for me.

My girlfriend and I are looking to purchase our first house in the next six months. I want to purchase a duplex and rent out the other unit, or a large single-family home and rent out rooms/basement (1st option preferred). We are saving towards a 3.5% down payment (roughly $10,000 for the market and homes I am looking at), considering we get an FHA loan. However, I want to keep expanding my portfolio and eventually purchase a separate rental investment property in the area, so that I can also manage it. I do not want to wait until we have saved up a 20% down payment (about $60,000) for a conventional loan, so I am wondering if anyone has advice on how to get that 20% DP covered with other funds besides our own. I am aware that hard money could be an option, but with the shorter terms on those types of loans, I don't feel confident that I could pay that back in time (on top of the mortgage) with the only source of income from that property being the monthly cash flow. Is this idea possible without BRRRRing the property? (So far I have not been able to find great deals worth BRRRRing in the area).