Additionally, I'm banking on a future opportunity to refinance.After less than a year, here are a few tips from what I’ve learned:*Hire a local STR expert real estate agent to guide your investment location.

Think about a home mortgage--you OWN the property, but the bank might be able to take it away from you.

But you do have to qualify for the seller's monthly payments as the bank is involved in the whole process and the loan is being transferred to your name. 

I financed this property using down payment funds from 403B and a local commercial bank. 15% down from personal funds. 85% down from community commercial bank. 3yr balloon, 20yr amortization, 7% interest rate.

Keep in mind banks still pool forclosed assets together and sell them all together as a group to one company.  

•On the flip side, a bank savings account offers one of the lowest interest rates and returns on investment, but it’s also one of the safest places to store money.

As mentioned, we "openly and notoriously" record the deed for the world to see so there is no hiding things from the bank (which could be construed as fraud not to mention poses many other risks for creditor liens, etc.) 

The closing will be in 2-3 weeks - since no traditional bank financing in most cases - just like any other investor purchase.My broker knows full well what I am doing.

Nevertheless, Jeff told me he thought I had a shot with this bank, and that I should go down and meet with the president.

2) Are you pre-approved and have the down payment in your bank account?