Our lake house for example, AirDNA had us 4x over what the rate should have been.

I can't find any other homes that are cheap enough and within a reasonable commute time of my job and am beginning to think I will have to rent for a few years, not the worst thing in the world but not ideal either as I realize the value of real estate investment.

I don't recommend doing that, however if you just got the loan, chances are the interest rate is in the 7s, so they probably aren't going to be trying to call it in anytime soon!

I think the interest rate is nice in this market but the return on your money annualized looks low, I am just curious what I am missing.

The concepts of lending for these private transactions are clearly understandable seeing that the current interest rates being paid are not even worth the time.

But with mortgage rates the way they are and with inflation high do you guys think its a good time to buy?

I dont think you have enough equity to refi and consolidate the two. combining them puts you at over 96% LTV. cash-out will likely max you at 75% LTV of the $450k, so raising your rate on the bulk of the debt probably is not the move if you still have to bring in $100k to do so. is your 2nd going to balloon soon?

However, your interest rate will likely be better.

Hi Steven, the best hard money lender will meet the following:1. be willing to work with you (ie lend you the money)2. give you the best rate and terms3. require minimum paper work from you 4. minimum collateral5. they have deep pockets Once you find a good hard money lender, make sure you treat them right.

Your Renter may have not paid for two years and now had to start at the rate from three years ago...insane stuff.