I took a 3rd loan of $45,000 from a family member on a 36 month non-recorded loan to help with the down payment costs.

It’s in a trust there’s no mortgage value $650-$700 wanted to take out $150,000 for renovation and down payment on another rental. 

I also keep track of the date payments are made.

@Travis BoydYou must have put down a pretty good down payment for only a $2400 paymentIf anything I would get a line of credit versus selling as you are also gonna lose the rate on your home and who cares if you are paying taxes over $500k is the way I look at it.

When we get farther into this process, I will absolutely ask to see all the leases and proof of payment history for the current tenants. 

Just visit your county recorder’s office, where you can search for:Notice of default: A notice of default is a letter sent by a creditor informing a property owner they are late on payments.

All you need is a single place to track tenant information, payment history, maintenance, and a few other things.

DSCR works pretty cohesively with hard money, especially when you use the BRRRR method since it allows you to increase leverage on the back end refi. 

Using a VA loan as a financing method for the house hacking strategy is great way to build equity.

Deduct NEW property taxes after you buyDeduct home insurance costsDeduct maintenance percentage, typically 10%Deduct vacancy+tenant nonperformance percentage(we recommend 5% for Class A, 10% Class B, 20% Class C, good luck with Class D)Deduct whatever dollar/percentage of cashflow you wantNow, what you have left over is the amount for debt service.Enter it into a mortgage calculator, with current interest rate for an investment property, to determine your maximum mortgage amount.Divide the mortgage amount by either 75% or 80%, depending on the required down payment percentage - this is your tentative price to offer.If the property needs repairs, you'll want to deduct 110%-120% of the estimated repairs from this amount.Be sure to also research the ARV and make sure it's 10-20% higher than your tentative purchase price.As long as the ARV checks out, this is the purchase price to offer.It is probably significantly below the asking price.