And as mentioned above, if the lender you are speaking with doesn't know what that is...then you need to go to a different lender.  

For the furnishing, it was because the previous tenant we were helping support as she got out of an abusive relationship and a crisis pregnancy.

Buying rental properties is investing in a business and a place to make your money and time work for you.

I am a husband and a father to 3 children.

In 2024 we bought two homes - a duplex rental in Utah and a primary residence in Santa Cruz County, California.

I'm happy to share my experience as both a flipper and a lender.

As noted above, a cash deal with all capital liquid in an account today is going to be taken much more seriously than a financed deal or a syndicated deal.  10% EM hard at contract signing and a 45 day close with no extensions will be taken more seriously than 3% EM hard after 30 days, with a 60 day close and 2x 30 day extensions.  

Here's the breakdown:Financing: We used a seller carry deal with 25% down ($100k), a 30-year term (balloon in 10 years), and a 4.68% interest rate.

We had to do a lot of electrical work, bathroom, kitchen rehab, total paint and a new roof.

I asked him a lot of questions about the business and as soon as I got home I was doing research and joining RE forums focused on multi family.