All Forum Posts by: Zachary Deal

 A good hard money lender can often be the safest route. Hard money costs do eat into the profit but a good hard money lender will want to make sure you are making a sufficient profit on the deal after holding costs, etc. If they are adjusting the amount they can lend because the margins are too thin or telling you the deal metrics are not checking out it is likely due to the expected earnings not being sufficient. If they are not willing to fund, I would crunch the numbers very carefully on your end before pursuing other options.

Yes as Jaycee noted you will need to use a investment property lender (not a local bank) to find a hard money loan. Do you have any specific deal related questions?

Hey Jon would recommend checking out FB groups if you aren't local (looks like you're based in the Bay). There is an Upstate New York AirBNB Investor group that you can join and likely find some MTR investors in the Syracuse area.

Hi MacKaylee! As a investment property lender we saw a lot of success with flips but an even bigger jump in BRRRR success with borrowers holding as long term and short term rentals. Higher interest rates are keeping some buyers out of the market so properties are sometimes sitting for longer or not getting the desired price. However, most of these properties still cash flow well (or enough to cover PITI). Lots of folks are pulling out cash based on the appraised value for their next projects and holding for a few years to benefit from appreciation. They may sell in a few years when interest rates drop or keep it longer term as cash flow on the property improves!

Hi James, this does sound like a lot for a first time flip. Typically starting with a smaller rehab budget of $50K or less (maybe a max of $75K) and avoiding a 1 to 1(or higher) ratio of purchase to rehab costs is recommend when you are first starting out. There are a lot of things that can come up on a flip so easing your way into things and working your way up to larger rehab budgets, etc is recommend. It will be easier once you have a good team in place and know the ropes

I 100% agree with Chris and Peter. Almost every reputable lender is going to have a draw process for any lender funded rehab portion. This is how they ensure the work is completed and the project is staying on budget.

The questions you should be asking are what is the draw process. How long does it take to receive the draws? What is the cost? Do you have an inspector come out the property every time or can we use app to confirm work has been completed? The process can vary greatly so it's important to understand it and ensure it works for you.

Hi Lina, I'd recommend finding a local agent that is familiar with the investment properties and law, permits, regulations for STRs/MTRs in Kyle, Texas. If you partner with the right agent and use the advice and mentorship that Bonnie's group is offering, you should be in good shap! Also find a good lender that is well versed in STR/MTR loans to make sure you qualify for financing (if you need it) and that they can execute the loan smoothly

 Of course! Let us know if you end up purchasing any through action and how that experience goes

I would recommend attending local real estate events and checking out Jax Real Estate Investor Facebook groups. You could also post in the classified section of BiggerPockets

Besides the places you mentioned Facebook, Zillow, VRBO, and Craigslist are other places that can be successful for MTR leads.