Using everything I had learned from the BP Podcast, I ran the numbers on the house and verified that it could cash flow as a traditional rental, but saw even bigger potential as a vacation rental because of how close it is to the beach and amenities.

This is something that is important to me in the future as I plan to retire soon but will have property in Seattle that I either 1) sell and relocate to my new home state or 2) keep here and pay someone to manage them (NOT a PM, they are waaay too expensive for what they do and it's NOT worth it IMO).While I have a high W2 income now that makes this possible for me with traditional lenders currently but not in the future.

Hard money lenders may take a quick peek at your credit or finances, but much less rigorous than a traditional bank or mortgage company would.

My main goal is not to be a filthy rich, but just to have enough passive income to retire in order to do this full time.

However, if I cannot get the property through FSBO or private lending, it will be very difficult to acquire through a traditional loan.

I'd pass and advise you to pursue a more traditional single family home investment.

Originally posted by @Shawn Melis:@Blanton McGheeTotally agree with others, if you have POF and loan approval, ED should be no more than $5k.this is regional  in CA high priced areas  EM is traditionally 10% of offer price. 

After that, it's a pretty short step to BRRRR.The challenge with starting with BRRRR is you have to be competent in all areas of the strategy, versus a traditional turnkey purchase you really only need to be able to analyze a deal.

Hi guys, I'll preface this by saying I'm a new investor and I am trying to understand how I can use traditional funding on investment properties. 

Once I've secured a hard money loan and used it to buy/rehab a home, how do I present my current situation to a traditional lender when acquiring a conventional loan on the property?