That is the same way a lender would qualify someone for a mortgage.

I used a private lender, BackFlip.

@Kerry Baird These are renovation loans traditional lenders sponsor to help homebuyers.

@Brenden Stadelman in general legit lenders do not ask for maney up front other than for an appraisal.

While we currently live in Stephens City, VA, we’re open to investing in other states where the numbers make sense.Real Estate Goals & StrategyInvestment Focus: Buy-and-hold rentals, short-term rentals, and potential multifamily propertiesMarkets of Interest: Open to investing outside of Virginia in cash-flowing, landlord-friendly marketsCurrent Stage: Learning, networking, and preparing for our first investment propertyLong-Term Vision: Build a diversified rental portfolio that provides financial freedom and generational wealthWhy I’m HereNetworking: Connecting with experienced investors, agents, lenders, and property managersLearning: Gaining insights from those who’ve built successful portfoliosCollaborating: Open to partnerships, joint ventures, and creative financing strategiesWith my sales background, I understand the importance of negotiation, deal-making, and relationship-building—all of which I plan to leverage in real estate.

Its great that the seller is will to carry a note in a seller 2nd as well, that will help reduce your require monthly payment with the right lenders.

Many hard money lenders offer loans that include rehab costs, which could be beneficial for your BRRRR strategy.Alternatively, if you find a lender that offers a DSCR loan with a lower down payment requirement, that could be another route to explore, especially if you already have positive rental income history.

Quote from @Matt Bridgman: Here are top 3 mistakes I see as a lender among investors - new & experienced:  Feel free to comment or give me your list. 3.

Asset based, aka Hard Money Lenders, make the loans the banks cannot make.Very short terms.

You can't actually pay it off directly because they've been securitized, and the people who invested in those securities did so because of the specific certainty of the payment schedule.What you do in a defeasance is use the proceeds of the sale or the funds from your new lender to purchase treasury bonds that are packaged to make the exact payment amounts and timings on the remaining term of the loan, and then assign those bonds to your old lender.