You'll be waiting a looooong time for a tenant to meet that criteria.Same goes for conviction & eviction histories:Class A - never (actually they fall off after 7-10 years)Class B - not in last 5 yearsClass C - not in last 3 years

And you only make $100k in 7 years.

Since I have to move from California to New Jersey next year, I’m considering house hacking with a multi-family home in Union City, NJ. 

I have been in property management for 20 years, almost 3 years ago I moved to Birmingham AL to start my investment journey.

In case you missed it, Detroit' Mayor Duggan announced that the value of houses in the city increased 23% in 2024.In the last 7 years, Detroit housing is up over 300%!

Have you considered going to BPCON in October this year?

tell me more about the deal we are doing the same thing this year.

Hard Money  = There is nothing wrong with taking a hard money loan at a higher interest rate as long as you have an exit plan and can really drive to a time table to not turn that hard money loan into a long term loanDSCR - Pre-Payment Term: I see a lot of lenders sling out the 5 year pre-payment term to flash the lowest rate which could be an investor in a pickle if they need to do something different with the lending portion of the property in the future.

Its much harder to turn a property around in 6 months expecting to have 100% of your money returned back to you - but if you focus on the right property focusing on highest and best use with an ADU add (like mentioned), in-fill/lot split, or other rehabs - then hopefully a semi-decent property like that will perform like a champ in a few years. 

Although, I'm sure you have found a solution to this considering this post is several years old.