As interest rates climb, how are Texas buyers adjusting their strategies to secure property?

He moved in March 14, 2023 so this will be his first payment after initial rent and security deposit were paid by cashier's check.Thanks in advance!

Megan, Not sure if I can help you exactly, but a few items that might help: 1) As you are out having conversations with potential private money lenders, you can start the conversation about "Did you know you can use IRA, or old employer 401k funds to make private money loans, secured by real estate?"

Security Deposits:The property management charges tenants a "move-in" fee rather than a security deposit.

I earn around $15k/month from my business, but my income is somewhat variable, which might make securing financing challenging.

Just a lot of systems, paperwork organization, and staying abreast of/within the law (required notices, addendums, etc.).3) The screening criteria we use:650 credit score or aboveIncome 3x the monthly rentNo pets (depending on the property)No smokingNo evictions, notices to comply, or money owed to landlords in the past 12 monthsProof of income and financial responsibilityAdditional:First, last, and security deposit due at signing750+ credit score does not require last month rent (helps incentivize quality tenants)Best of luck!

They own a note secured by the property.I think you are convoluting equity investors and the typical terms and structures provided to equity investors and private lenders.Think of your "investors" as the bank.  

These two achievements will definitely help you in securing funding for future projects, as private lenders consider experience when deciding what leverage they're willing to offer you.

I priced it only about 14% higher than the long term rental which matches traveling health professionals' budget on Furnished Finder.So I'm leaning toward longer term rental because even if I secure midterm tenant, that 14% more isn't really worth the potential vacancy. 

DSCR loans don't require personal income verification or a debt-to-income ratio, making them ideal for properties with strong cash flow, even if the current owner has credit issues.Here's how it could work:You could use a DSCR loan to refinance the hard money loan, securing more favorable terms without having to involve the seller's credit.Since the rental income easily covers the property’s debt service, you’ll be in a good position for lender approval, bypassing the conventional mortgage route.This approach could allow the owner to stay in the house, while you take over financing with a less restrictive structure.