Also, $625 for capturing pictures and building a 3D model of the house to go on the website.That leaves $16,338 for adding two bedrooms, among various other mostly minor fixes and cosmetic stuff.I put 20% down on my loan.

The key would be making sure to talk to a local banker that can do CRE loans for owner occupied properties as not all banks do them.

Stop reading if you want.2) I couldn’t guess what “There is a 6 months of grace period before interest payment begins” means.3) They call their $3555 charge a “Loan Fee,” stated a few lines up as 2%. 2% of $235,000 (loan amount) is $4470.4) Do you seriously believe the loan fee, “… IS 100% REFUNDABLE IF THERE IS ANY DEFAULT FROM THEPART OF THE LENDER OR IF THE BORROWER CHOOSES TO TERMINATE THE LOAN.”5) It’s okay to pay an appraiser directly.

Hi @Vincent Plant,You've gotten some great advice on what to look for in a hard money loan.

Use tools like the VA loan for house hacking and your Basic Allowance for Housing (BAH) to cover living costs while building equity.

It may or may not show on a credit report, depends on the servicing and you should have the loan serviced.Failure to include the debt on a future loan application is mortgage fraud, wanna go to jail?

A couple of months ago, I purchased a property using a hard money loan for $115,000.

If the loan is being paid the seller/previous owner has no reason to want off of the loan.

I have been less active on the investor homefront dealing with an unexpected curveball I got thrown in life.Still have big goals for Q1 2025: -Get Pre Qual'd for VA construction loan(may be until later in the quarter as I also have to refi out of my current VA loan to regain full entitlement.

The good news is you don't need a specialty loan for a house hack, just a traditional primary home loan.