Need Help Or Private Money
I have a property in which I have already secured private money for the rehab of the property. Problem, I only have some of the purchase price. Here are the numbers:
Purchase Price: $60,000 (I have $20,000)
Rehab Cost: $70,000 (already secured)
Amount needed: $40,000
ARV $310,000 - $365,000 (based on appraisal that is completed)
Is there either a Private Money source or creative way in which I can structure this deal?
Get a $130k hardmoney loan for the full amount that you need to buy and repair it. Secure the private money loan in second position, using those funds to service the debt on the hard money and to give you contingency cash.
Never use your own cash in a deal
Once the property is repaired, refinance it or sell it to pay off all parties.
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