My husband and I own a profitable condo we rent out short to mid-term, while living in a single-family home we plan to convert to a long-term rental.

In general, investing in an income-generating property first can potentially provide long-term financial benefits and greater returns.

But, long term, you'll need to probably use a local credit union (or do forced appreciation with the bridge if its even possible)

Hello all,I am currently house hacking a 4 plex and have been attracted to the medium term rental model.

Most hard money works like this 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.

I create a lengthy and very detailed response listing everything I can think of that a prospective tenant would need to know about the unit and finish it off with please feel free to reach out with any questions, if you would like an application please reply back with your email.

I showed them the whole business model and spreadsheet...We ordered the Feasibility study and appraisalThen they gave me a Term Letter that states everything even construction cost analysis by their 3rd partyThats where we are atwe have a GAP of $2.7MWe came up with the strategy last night.. that at the very least we need $1.5M cash to pay a balloon payment by June 27 or it forecloses... the lord will not let that happen.So I have the green light from the Lord to talk to all the interested investors as He is opening up the doors of Favor

I have been doing plenty of research in short-term and mid-term rentals, but I am a little nervous with what I am seeing with a friend's situation.  

Prepayment penalties- usually 1-5 year terms.

Tenant will continue to pay for utilities and any difference (or loss in rental) if home is leased for lower monthly rent than current lease term.