The house, built in the early 1900s, was outdated and required major renovations.

And some expensive ones for larger operations.

This is a self directed RRSP or TFSA account that allows you to lend your money out to people with the backing of their mortgage for a high interest rate. 1st, 2nd, 3rd mortgages, down payments, refinances, flipping or renovation money.

@Troy Smith If this is your first BRRRR deal I'd meet the appraiser, shake hands, and provide a paperwork describing all the renovations you completed.

There's lots of properties for sale in the Smoky mountains so you may also have a larger selection of options to purchase as well.

Worth knowing, that it is less about adding “handcuffs” and more about offering a different option for owners who aren’t ready to sell but need capital - money for renovations, maintenance, or any other need.

I am looking into my first property and have been pre-approved for a renovation loan from a conventional lender.

While renting the larger out.

To achieve this, I’m planning to scale rapidly by performing a couple of syndications to acquire a larger portfolio.I currently have a portfolio of 17 properties, but to justify labor costs and create a sustainable structure, I need to expand quickly.

There are new construction homes about 2-3 miles away going for 190-200,000 but I think they may be a bit larger than what I am building.