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.

Bridge Loan: A bridge loan could provide the $150,000 you need until your tenant-free property sells.

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.

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

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.

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

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

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?

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

I imagine there is not much of a relationship with the turnkey service after the sale and I would deal with the PM and Loan company directly.