@Jordyn Ohsnot enough info to helpbut if you're using a HELOC for the down payment AND getting a loan, then you're probably negative cash flow given that's 100% leveragei would never do that unless i were going to refinance in the short term

It’s good to budget for unforeseen expenses.Regarding PMI, it’s worth discussing directly with your loan servicer since many lenders require holding the property for a period or reaching specific equity thresholds before removal.If market rents are $2,200–$2,500, hiring a property manager could help you optimize rent while taking the burden of tenant screening off your plate.

I would include servicing costs of the loan and licensing costs.

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

Just curious if anyone has used All Loans Funding for DSCR loans?

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

But bottom line every place is different and there is no one size fits all for the development game.In Oregon and WA many banks will go 50% loan to cost not to exceed 50 or 60% LTV on dirt.. but for me I always pay cash for the dirt.

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

We were trying to buy a loan that was in default and the current lender was emotionally attached and has it listed for over $2M when comps are $1.5M. 

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