Challenges?

@Matt Powers there are endless possibilities and combinations of how you could approach this opportunity.

Hi Bethany ,You're taking a smart approach by considering investing in upstate Ny.

People even do this in Vancouver though it must be extremely challenging.  

Major metros pose certain challenges, as everyone has heard. 

The property will be strictly for investment purposes, not a primary residence.I’ve been looking into two potential financing options:Hard Money Lenders (HML) – I’m drawn to this option for its speed in closing, but I know the rates can be higher.DSCR Loans – This seems like a great option for long-term rentals, but I’m unsure if it’s the right fit for my auction property since it might need some rehabbing.I’m also considering purchasing through a land trust or an LLC to add a layer of protection and privacy.So, my questions are:What’s the best way to approach financing for auction properties?

That approach involves a lot of work and spending, and there are better strategies to utilize.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

There will be moments when challenges feel insurmountable—deals that fall apart, difficult contractors, financial struggles—but the only way to succeed is to persevere.

@Michael Challenger I scraped all the cash I could find and borrowed from family.