Local bank portfolio loan, 10% down, fixed interest rate for 30 years.

I love analyzing deals and design.I plan on analyzing deals in the different markets of active listings, to share how you can make a house hack work or how to get your first deal that will cash flow positive in year 1.  

I bought a lake house in 2010 to use as a 2nd home.

I doubt it would hold up legally.The cameras on the front of my house cover my driveway and you can see the front of several of my neighbors houses and front doors and driveways in the background.

There are definitely pros and cons to each so I figured I would just lay out a few benefits and personal thoughts: Small banks/brokerages:Pros:- Some regional knowledge of the market- Possibility of more creative lending guidelines with bank specific programs- Sometimes they have competitive rates for their areaCons: - weak balance sheet (more strict on some guidelines, no wiggle room, inability to be flexible or grant exceptions because they cannot afford to hold less than perfect loans)- Can't scale with clients to different markets- Usually limits exposure to individual investors (they don't want one investor to be too big of a portion of their balance sheet)- Lack of experience with multiple solutions (tend to have 2 or 3 loan products they sell and are too niche to provide tailored solutions)Large banks/brokerages:Pros:- Large compliance departments that understand individual market guidelines (typically each state has specific lending guidelines that augment the national baseline)- Ability to scale into multiple markets with same lender (licensed in many states)- Impossible for individual investors to "outgrow" a large bank's balance sheet (not concerned with one investor's concentration)- More lending solutions available for different scenarios- Often comparable or better rates given the game is volume basedCons:- Can be more difficult to get fast responses if the bank/brokerage does not have good follow up systems in place (or if the underwriting/processing staff gets overwhelmed)- Bad large banks can feel less like a relationship and more like a cog in a factory (less personal)Overall, I have worked from both and worked with both as a loan officer, branch manager, and as an investor/client myself. 

In many cases, you may also find better rates and pricing than big banks. 

Total rate is 17.75%.Happy to answer any other questions you have,

So, if you form in Delaware, for example, and want to flip houses in New York, you will still need to register to do business in New York.

The house we are in now is about $200k.

BRRRR is a grind and you can't do it using Zillow and email.here's what you will have to do to be successful:-you will have to find the sweet spot BRRRR deal - a house that is distressed enough for the seller to sell below market, but not so distressed that the rehab is impossible. these deals aren't on the MLS, and they are tough to find. how will you find one?