All Forum Posts by: Matt Ruttenberg
Matt Ruttenberg has started 12 posts and replied 112 times.
Post: What’s after the hard money loan?
- Specialist
- Grand Rapids, MI
- Posts 114
- Votes 80
Ok, here’s what I’m trying to figure out.
As a first time real estate investor, I understand what’s available in term of funding the purchase, for the most part.
If we go the hard money/ private lender route, we’ll need to refi after the 1-year balloon, which is what I’ve been told are the terms from the lenders.
If I’m doing short term rentals, my conventional lender is telling me I need to wait 2 years to be able to use the income.
Any ideas out there on how to refi at the 1-year mark for the balloon payment if you can’t use the income yet?
Post: USDA loan refi
- Specialist
- Grand Rapids, MI
- Posts 114
- Votes 80
@Bobby Rather So here’s a follow up on the USDA question.
We travel almost 100% of the time but want to establish “home bases” throughout. We wanted to buy our first via USDA if possible and would legit be our primary, just not there often.
Could we not rent it out via short term rental when we’re gone and be within the guidelines?