The loan itself is conventional through a bank.

Hey,So the deeper I am diving into this I am finding people using the tactic of negotiating with a private lender and getting them to pay for the property then eventually refinancing the property through a 30 yr conventional loan on it.

🤷‍♀️But since this is all new to me, I’m wonder if I should just goes conventional with 15% down. (25k plus closing costs) I’ll have to use my own $ (probably credit) for repairs and updates.

Conventional mortgage with great interest rate.

However there are non conventional lenders that will look at the performance of the property more than your personal financial picture.

So, I believe you should be able to do a cash-out refi with a conventional fannie/freddie loan meant for an owner occupant.

I have two financing options:Method #1 is a conventional 30 year mortgage @ 3.87% interest rate with 25% down on a MFH Method #2 is HELOC loan that I can get at 3.5% interest rate by borrowing up to $180K or 4.24% rate if I was to borrow $230kMy dilemma here is which method makes more sense in general ?

@David Franklin someone will give you money if you have the equity, talk to more people, look outside of conventional if you have to, talk to local banks, you will get that cash

Conventional or FHA.

The plan is to close on the next home around 1 year of primary residency at this current one to stay within the terms of my conventional loan and continue scaling from there.When I am not at my 9-5 or poorly managing/working my home projects, I try to find time for bouldering and snowboarding.