I'm about 7 days away from closing on my first real estate deal and the thought occurred to me that instead of wasting time (and closing costs) dealing with a bank for the initial loan, I could simply use myself as the source of "private money" for the entire purchase (~40k) for a home that I intend to rehab.The rehab is expected to take 3-4 weeks and I already have a reputable contractor with a written estimate in hand and the cost will be a ~25k additional (worst case) on top of that.  

Whoever has the highest escalator wins?

@Mike Hartzog  correct... in our world 2nds simply did not happen all first trust deed or mortgage lending and all collateral assignments of said.now my facility at Umpqua 4 million.. they would not actually record the assignment they just held it and we gave them an alonge'  they would only record if they were going after the asset.Riverview and Columiba community were I had the same facilities only larger they recorded everything so the transaction was a little more cumbersomeand of course we had to close the loan with our own cash then back fill.. much like a conventional lender who does table fundings then sells in the secondary market.. but once the machine was up and running it went well but it took staff to run.. that's for sure.

The plan was to simply "get started" and learn as we go!

You may think you are "winning" but in reality (in my case) I am letting you know I work for them and then I am going to set the contracts up in their favor. 

Would like to move into commercial as the ultimate goal.I made this post because I would simply like someone to chat with about real estate. 

No disrespect to any CPA or other "tax" professional, but they simply are not qualified to apply cost seg on any building, period.

Saying you want to be a real estate investor is simply not enough.

Can you do it all, of course you can, however the above break down is what we see work the best for those getting their license and utilizing it for more than simply having their own access.

In multi-families its hard to push water onto tenants so that gives the Condo a win.