Ocean City STR investor

[Heather Carrow]

Hi BP community! 

As my investing career has been advancing I wanted to start a thread for people interested in short term (or long term) rentals in Ocean City, Maryland and the Delaware beaches.

I have two STR's in Ocean City that are doing very well. I also have one in Bethany Beach and Lake Harmony, PA. So far, Ocean City has been my favorite market. I am also a realtor in MD & DE and have been helping other people get STR's in that area.

My goal is to acquire another property this year, but I am struggling to build capital fast enough to amount to a down payment. I have used hard money for my last two purchases and rates are so high right now that it kills most deals. What are others doing to raise capital?

[Zach Edelman]

@Heather Carrow when you say hard money loan, are you more referring to just a private loan in general, or specifically a short-term/bridge loan (i.e 6-18 months) that is used either for the purchase + rehab or the home, or just the purchase of the home (but on a tight time frame) with an interest rate of around 9%-11% and 1-3% in origination fee? Trying to understand if you're referring to a DSCR loan or a true "hard money loan."