Ocean City STR investor
Hi BP community!
As my investing career has been advancing I wanted to start a thread for people interested in short term (or long term) rentals in Ocean City, Maryland and the Delaware beaches.
I have two STR's in Ocean City that are doing very well. I also have one in Bethany Beach and Lake Harmony, PA. So far, Ocean City has been my favorite market. I am also a realtor in MD & DE and have been helping other people get STR's in that area.
My goal is to acquire another property this year, but I am struggling to build capital fast enough to amount to a down payment. I have used hard money for my last two purchases and rates are so high right now that it kills most deals. What are others doing to raise capital?
Most Popular Reply
@Heather Carrow when you say hard money loan, are you more referring to just a private loan in general, or specifically a short-term/bridge loan (i.e 6-18 months) that is used either for the purchase + rehab or the home, or just the purchase of the home (but on a tight time frame) with an interest rate of around 9%-11% and 1-3% in origination fee? Trying to understand if you're referring to a DSCR loan or a true "hard money loan."