The $2,500 payment you proposed is the interest only portion of a 5% loan amortized for 30 years of $600,000 principle.

I think a lot of folks here responding are losing sight of the point of what you're saying which is that you plan to raise rent because you know you need to charge market rent AND also that you feel saddened by the fact that this is at the expense of a woman who is living there.

In my experience it helps keep pre-applicants organized and is an actual sight with a google-able name so it doesn't seem as scammy.The background check and credit fee is $30 paid by the prospective tenant but I always tell people applying for my units ahead of time what my credit and background requirements are and that if they pass those qualifications (plus the reference checks) and sign + pay the deposit that I will reimburse them the application fee.

I know most residential lenders won't lend to an LLC so my question is should I just house hack the way anyone else would, using my own personal financial status and name, my own funds for the downpayment, and put the multifamily entity and principles aside for now.

The special assessments were outta sight.

Heres the numbers:  Borrower(s)Subject PropertyRate Not Locked 9/30/2024 Sales PriceDown PaymentLoan Amount30 Year FixedContract DepositSeller ConcessionNMLS#  $670,000.00$167,500.00$502,500.007.000% $0.00$0.00  Bank Origination Charges Estimated Title / County / State ChargesOrigination Points % $ - Owner's Title Insurance $ 4,415.00Discount Points % 1.500% $ 7,537.50 Lender's Title Insurance $ - Underwriting Fee Title Search $ - Appraisal Fee $ 650.00 Title Services $ - Credit Report Services (1) $ 299.00 Alta 8.1 $ - MERS Fee $ 25.00 Recording & Transfer $ - Flood Certification $ 8.00 Notary $ - Tax Service $ 85.00 Settement Fee $ - VOE Fee $ 150.00 Total $ 4,415.00 Total $ 8,254.50 Prepaid Interest / Items Potential Additional CostsPer Diem Interest 15 Days $ 1,465.63 Rental 1007 $ 250.00Home Insurance $ 1,800.00 New Survey (if applicable) $ -Flood Insurance $ - 2nd Appraisal / Reinspection $ - Total $ 3,265.63 Total $ 250.00 Escrow and/or Property Taxes Due Total Estimated Monthly PaymentsTotal Insurance(s) 3 Months $ 450.00 Principle and Interest $ 3,343.15Property Taxes 4 Months $ 2,868.64 Total Property Taxes $ 717.16Total $ 3,318.64 Total Insurance(s) $ 150.00 HOA / Maintenance $ - Monthly PMI $ - Total $ 4,210.31Total Estimated CostsEstimated Closing Costs $ 12,919.50 Estimated Escrow Prepaids $ 6,584.27 Estimated Funds To Closing $ 187,003.77

@Shawn McMahon I agree with @Travis Sperr that the data says that there is no relief in sight for the next couple of years.

I rent a lot of places "sight unseen" because our market is competitive and many renters are moving from different markets with little time to locate housing.

When you run property management numbers - they get 'ugly' real fast.Lets say you buy a long term rental and it rents for $1,200/month, and if you financed it, it costs you $900/month for a fully loaded (Principle, interest, taxes, insurance) mortgage.  

I just partnered on a owner financed property ($1,000 a month principle only for 10 years with a $60k balloon), and do flips with another partner whenever we can find the opportunity.