The advantage with the bank was minimal closing costs, a good interest rate, and a draw system so I could get funding as I completed each rental unit. 

Hard Money  = There is nothing wrong with taking a hard money loan at a higher interest rate as long as you have an exit plan and can really drive to a time table to not turn that hard money loan into a long term loanDSCR - Pre-Payment Term: I see a lot of lenders sling out the 5 year pre-payment term to flash the lowest rate which could be an investor in a pickle if they need to do something different with the lending portion of the property in the future.

Because the interest rates were so low, I was able to keep the same mortgage payment cost we had before but for both houses with a shorter term! 

If history holds true then generally interest rates go down with Republicans in office and last time housing prices boomed. 

We've since increased their rent to market rate, and now we're experiencing late payments.Family Member as Tenant:Issue: Our family member is behind on rent for more than 5 months, with a rate below market due to their relationship with us.Behavior: They have made excuses about financial struggles, yet have been seen treating their new girlfriend to fine dinners and outings.Impact: Both tenants consistently pay late and have shown complete disrespect to us, the property owners, despite efforts to ensure their happiness and success.We'd hate to impact our relationship with them, but right now, they're hurting us and our pockets. 

I recently pre-qualified with them and was told the interest rates are all the same (6.0%).

Monthly payment is 1900 with a 6.5 rate and would rent for 2500.posted in another group but realized it was the wrong one Hey Keith, I've helped other clients do this sort of thing - vacating a primary residence and then pull out cash to purchase another property elsewhere.

Also I've been lending on quite a few deals in the area you're talking about since the hurricane how have insurance rates been looking in that area for you?

His story is inspiring, but don't expect to have the same results with today's high prices, high interest rates, and thick competition. 

Feel free to take or leave my advice, but I think others will agree that, for now, you should focus on maximizing your savings rate, building your credit, paying off any owed debt, and house hack your first deal—just my two cents.