- FYI: it's only illegal to try to rent it out, the property owner can usually legally live in a nonconforming basement unit.If you do all this you may still negatively cashflow each month, so make sure your income can cover and/or your cash reserves.If you do this successfully, you will learn more in 1-2 years than you would reading here on BP for 5+ years:)Good luck:)

It’s a great way to grow faster.HELOC or Equity Tapping: If you have equity in another property, using a HELOC or cash-out refinance could help cover the down payment without affecting your DTI as much.Seller Financing or Creative Deals: Look for sellers willing to finance directly, which bypasses traditional mortgage qualification hurdles.Scaling quickly often involves combining strategies—play around with what works best for your goals.

I suspect I will throw more money at a problem Airbnb has no interest in covering

(NY counties are generally quite expensive)Do you have home owners insurance to cover fire or other damage?

I have a new-construction SFR property under contract, and the seller disclosed that there had been heavy metal contamination in the soil due to mining activity many years ago.

This allows you to access funds while keeping your existing mortgages intact.Second Mortgage: Explore lenders who offer second-position loans on investment properties, though rates will be higher.Cash-Out HELOC : While traditional banks often restrict HELOCs on non-owner-occupied properties, some portfolio or private lenders may offer HELOCs for investors.With $15-20K in liquid funds, look for deals where you can negotiate terms:Seller Financing: Negotiate lower down payments or interest-only periods.Subject-To Financing: Assume the seller’s existing mortgage while covering the down payment.Lease-to-Own: Lock in the purchase price while using rental income to build equity.

In the event my landlord is interested in selling, I was wondering if I could add value in the short term by, say, converting part of the garage and/or covered porch into a bathroom and maybe a bedroom (currently 3 bed 1 bath).

Partner Driven financed the Main St deal by covering 100% of the $20,000 purchase price and $45,000 renovation budget, ensuring Amanda Frecks could focus entirely on project execution without the stress of upfront expenses.

Hi Shayan, You will be able to close on properties quickly and have access to rehab funds immediately if you are able to qualify for a HELOC that can cover both the purchase and rehab.You should be careful though as if you cannot sell the property or you run out of rehab funding, you may end up being over leveraged.

Find a great real estate attorney to help you with:1) Putting a lien on the property, with your aunt's consent, to cover any work you do.- Ask the attorney if your aunt & dad need to authorize lien, or just aunt.2) Understanding your options to force payoff of the lien.- Ask attorney how you can enforce collecting on the lien when you need to.3) Getting full control of the property, while allowing your aunt to keep her ownership.- Have attorney draw up a contract to do this.Suggest you offer your dad some cash, now or in the near future, to motivate him to transfer his ownership to you.It may not work out, but you will learn a lot either way!