Financing Question

I found a 2/1 in a very nice neighborhood and I negotiated the price with a lady whose husband had rentals. I offered her 29k in an area where the houses are between 79k-140k. I’m a newbie, and my strategy, at first, was to wholesale it, but now I want to buy it. It has updated windows and a roof that’s 2 years old and besides paint theres really nothing left to repair. The rents in that area are between $1250 and 1400. My question is should I just go to a bank for financing or should I get hard money first and then get a bank loan. How should I go about this in the smartest way posible? What do you all think??

The answer to your question is somewhat dependent on your personal financial situation. Do you have any money for a down payment? What’s your personal credit like? If you can meet those requirement for a traditional NOO loan, then you’re better off going that way, especially if you’re not going to need any rehab money (because of the money you’ll save on interest payments). If your personal credit is suspect and you don’t have the DP money, BUT your deal is REALLY strong, then you’re probably better off going to a HM lender at first.