I have spent the last year doing some reading and learning while I save money.

The didn't live within their means, accrued a lot of debt, and it eventually resulted in them not paying rent and being evicted.Consolidating debt reduces their payments so they have more money available, but it doesn't automatically teach them to live within their means.

Hire a contractor or GC with clear terms for execution and completion.Secure financing early, whether through cash, private lenders, or hard money loans, ensuring reserves are included for unexpected expenses.

My Hard Money Lenders held the money in escrow and would not release the funds until the work was done, inspected, and they knew it was properly done. 

If you have the money, just use it, rather than borrow.

Another tip here is to let them bring their own linens (fairly common) so you save money that way! 

I’ve had several investor clients go with a new (to me)/ unproven lender because of a slightly lower rate promise only to get burned by that lender (closing costs were higher, appraisal costs much higher and appraisal was a nightmare, main point of contact gave us the clear to close as we passed our financing contingency then just before closing someone from the underwriting department we previously didn’t know existed said we need a few more days and seller didn’t agree because they had a higher backup offer, jeopardizing the earnest money and losing the property, etc).

I had another local realtor tell me it might be worth a shot at least trying to fill it as an MTR for the first 3 months of 2025 as I don't owe my first mortgage payment on my new home purchase until March 1st of 2025.

It's a great way to increase your net worth and these loans can also be used to pull cash out of a property as it appreciates allowing you to reinvest money into new deals.Happy to connect to discuss further. 

The under writing doesn't carry for a 1.25 DSCR which (at the moment) is the golden rule for banks and commercial hard money lenders.