I have been trying to save up money but it is not near a down payment for a traditional loan.

Purchase price: $240,000 Cash invested: $60,000 I purchased this duplex in distressed condition using owner financing for $240K and secured a $60K hard money loan for renovations.

Hard money loan How did you add value to the deal?

We have a property management company and real estate brokerage. 

A couple of months ago, I purchased a property using a hard money loan for $115,000.

(DCSR loan?)

It was all really quick, and the time to complete everything happened a lot faster than I expected (which was a good thing).I was worried at first that I had to use all the partners that Rent to Retirement had, but it was really easy for me to shop around for different lenders with different terms and rates, insurance providers, and property management company.

If you're purchasing a single family home you can use traditional financing like you probably did on your house or you can do a commercial loan.

Hey @Dalton Foote - I highly suggest  using a renovation loan and house hacking a multi-family if that is possible with your current life circumstances.The 203k and homestyle renovation loans are just amazing products and drastically help you reduce your risk, in my opinion, because you are able to leverage the cost of the entire renovation with such a low down payment loan.We work with a lot of clients who use these products in Chicago, and no matter what, in the long term, they gain great equity.If you aren't able to house hack - the process is essentially the same, but just with more money down with hard money or conventional construction loan.

It’s good to budget for unforeseen expenses.Regarding PMI, it’s worth discussing directly with your loan servicer since many lenders require holding the property for a period or reaching specific equity thresholds before removal.If market rents are $2,200–$2,500, hiring a property manager could help you optimize rent while taking the burden of tenant screening off your plate.