Sellers are responsive to mortgage rate declines and lower rates could further boost listings later this year. 

Normally, the cap on seller concessions is 6% of the sale price, but that’s not the case for commercial loans.Here are the trade-offs:5-year stepped prepayment: A typical residential loan at this price point isn’t allowed in the state, but with commercial, those rules are different.20-year amortization: This means higher payments, but it forced me to ensure my deal works under strict terms.Interest rate: It came in at 7.9%, not stellar but still good.Overall, I’m pretty proud of this deal.

Winters can be tough so we use airDNA to get a sense of the Average Daily rate and occupancy for the year.

The private lender interest rates are high.

However, it’s essential to consider the challenges of investing in Detroit, such as high crime rates and poverty, before deciding.

Just a warning, heloc rates are high right now, mine is at 10% but you could find a better deal for a short period realistically. 

Please share companies with competitive rates.

Getting alternate financing (wm2nd, heloc, etc) for equity position may be possible but it will 1) be at market rate 2) may increase the due on sale clause. 

Most work this way Rates: 9% to 13% (Most Deals are 11-12%)Terms: up to 36 Months (Most Deals are 6-12 months)Fees: 2-4 points(%) of loan amount paid at closing (Most Deals are 3 points(%))Minimum Loan Amount: $50,000 (For loans less than $250,000 $2,500 minimum fee)Max Loan: 65%-70% of After Repair Value(ARV)100% Rehab Financing Available (Require 20% of purchase price down payment or cross-collateral)Closing Timeframe: 48 Hours - 3 Weeks (Most Deals are 2 Weeks)NO PRIMARY RESIDENCES, NON-OWNER OCCUPIED ONLY, BUSINESS AND COMMERCIAL USE ONLY.

This could be an alimony that is court ordered, which in that case my past renters were able to provide documentation with full details regarding start and ending dates, rate of payments (monthly/bi-weekly), and amounts awarded.