It was off market, I paid a local bird dog $20k for helping to get it to the close and even including that $20k at market rate it met the 1% rule.Today my underwriting would not have a 1% ratio with 80% LTV as positive cash flow in class C.  

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I've been studying for a while and see investing as a cycle, times of high activity (chasing the deal) and times of latency (allowing the deal to mature).

They are both looking for bird dogs. 

"Chasing" after a tenant is not good business and will waste a ton of your time.

I am also a lender, with Chase Bank, but want to expand my knowledge on hard money and private financing options.

We are all confused about what role a private lender plays, so here is a quick and dirty explanation.Unlike prime lenders (ex. big national and regional banks like Chase) that underwrite both the borrower's ability to repay the loan and the collateral (ex. real estate), private lenders make lending decisions based on the collateral. 

That said, I prefer Chase since they have all the functionality you’d need. 

Of you’re tired of endless negotiations, shotgunning offers to sellers who have no intention of selling, or chasing every “deal” that’s never going to be sold at a price an investor can profit, give this method a shot.  

I would want to chase the tourist crowds.