Private money & subto How did you add value to the deal?

Then get photos and get third party verification that everything was done right prior to making your final payment to the contractor.

What I’m discovering is that just because a town allows STRs doesn’t mean the local laws make them operationally feasible unless you meet very specific criteria.For example, in Highland Lakes, access to the lake requires private membership, and it’s unclear if STR guests can use it.

In 2021 we bought the building for $1.5M using private lenders, pushed the occupancy from 50% to 80% occupancy and it appraised for $3.125M, allowing us to pay back the private mortgage.Right now, we are in the predevelopment process of design and piecing together the capital stack for the redevelopment deal, which will be made up of historic tax credit equity, RestoreNY Grant, DRI Grant, etc.

Bird dogging is a way to make money but its not gonna get you rich.WE have had many do some birddogging for us on the private lending side to find qualified people that need a loan and its interesting how many last a few weeks - I sense the same holds true for real estate bird dogs.

I don't know how to make this happen but the numbers work well, so I'm looking for creative advice/equity partners/private money/hard money  for how to make this happen, and then when my business sells I can pay back the loan and find financing at that point to continue the rehab.

The net result is basically the same, but it keeps the two properties separate from a lenders perspective.Any low down payment money, particularly on an investment property, is going to come from a private money lender.  

Flying in monthly helps, but having a local contact (realtor, manager, or trusted partner) is key for regular updates.Use tools like progress photos, video calls, or project management apps to stay connected, and schedule visits at critical stages of the project.

Treat your family private lender like (or better than) any other private or HML: promissory note and lien recorded against the property.

I.e. contractor pulled all the drywall out, here are the before and after photos, we replaced the studs here are photos, and then show a before and after mold test that was completed on the house.