All Forum Posts by: Mike Malloy

I may be able to help with smaller loans on multiple properties in Ohio. Feel free to send a message with some details. 

Buy and hold borrowers will usually take out a short term (6-12mo) loan to get the property, do rehab, and secure a tenant. Once the property is presentable and has cash flow it will usually be refinanced by a bank or other lender at a lower rate. The private/hard money is generally used to get a good deal and do so quickly. Another option is a longer term arrangement with monthly payments that still allow some cashfolw. As others have said, it can be a quick way to grow your property holdings. 

I am located in Canton and may be interested in helping or getting involved.  Are you able to send me some info on your experience and some details on the deal?