I'm in the process of buying a property to BRRR in upstate NY. The area is close to a resort area but slightly rural. Has anyone come into problems finding a lender in these type of areas? I want to make sure I have a hard money lender in place before I go into contract. I also plan on using the property as a short term rental then refinancing it. Any suggestions on how to go about this is greatly appreciated. Thanks
95% of private lenders will not be able to touch it if the appraiser marks rural on the report. Many will still take the deal in and roll the dice but if you do get the rural tag it would kill the deal.
I guess Rural was definitely the wrong word. It’s in a town and on Main Street just the town is not super populated. It’s also 10 min drive from a major tourist/resort area .
If I knew the area I could let you know if i have any possible solutions for you