Personally, I'd cash-out refinance into a 30 or 15 year loan.

It was 50K loan for 6 months at 20% interest.

The breakdown is as follows:2 bed / 1 bath1 bed / 1 bath1 bed (studio) / 1 bathThe property was previously rented out for a combined total of $3,400 per month.

A colleague recently closed on a 12-unit property in San Antonio and shared that a 6.8% cap rate, combined with lower property taxes, made it a no-brainer.

Traditional bank loans can be slow and have strict requirements, while hard money and private lending seem to offer more flexibility.For those who’ve secured funding before, what’s been your experience?

The terms for a 2nd position loan on a rental is 6%, 25 year term,  and 2 points origination fee.  

M my loan never closed.

@David Matarazzo  Did either of you move forward with them for property loans?

FHA loans require living in the home as your primary residence for 1 year after purchase.

Just closed on my first loan with them.