I make sure I screen each potential tenant thoroughly (background and credit checks) and require references.

I financed this property using down payment funds from 403B and a local commercial bank. 15% down from personal funds. 85% down from community commercial bank. 3yr balloon, 20yr amortization, 7% interest rate.

I personally think it is best to work with local professionals with a good track record. 

I personally have not heard of the website that you came across.

I know one person that did this recently and was able to negotiate no money down and 12% over 5 years but this was probably in the mid west.

Others may have personal experience to share.

I personally find it ridiculous.

I spend roughly $120k on my renovations, but this is for the entire property and developing the secondary suite which certainly costs more (2 new furnaces, all new plumbing, new kitchens and bathrooms with tiled floors and showers).All said and done, I personally love it.

Bank Credit Line How did you add value to the deal?

Hey Makani, you should check out DSCR loans, which are primarily for investment properties and focus on the property’s income potential rather than your personal income.