I always want to have rental property in a vacation spot to make some money. I didn’t know if I ever would be able to until I learned about rental property loans.
My dream was to purchase a home on Ocracoke Island, NC so I would have a place to go with my family as they grew up. I didn’t have enough money to buy a vacation home. Even when I considered that I could rent it out during the summer to make up some of the mortgage, I still didn’t think I could afford it.
One day, I was doing some work for a client, and I learned about rental property loans. As I was reading about it, I wondered if this would be something that could help me make my dream a reality.
Some of the perks of the rental property loan is that you don’t have to have great credit. If you do, that’s good, but if not, it doesn’t stand in your way. The other thing is that you don’t have to supply or complete a ton of paperwork. If you’ve ever took out a loan from a bank, you know how cumbersome that can be… With these private hard money loans, you don’t have to deal with all of that. You also don’t have to wait what seems like an eternity to get it approved. There’s no approval committee. You work with either one investor or a small company that manually reviews it. The time it takes to get the money is short too. Most people can get the funding they need for a rental property within a week.
This all really sounds great to me, so I decided to do it.
When I was approved and received the rental property loan in my bank account, I started looking for the perfect vacation home. I found a couple that were in the area I wanted close to the coffee shop and restaurants and within the amount I was loaned about 70% of the value of my home.
After looking at the couple of places, I decided on the first one. Since I had cash, I was able to close in a couple of weeks. I was so excited to get started on my new investment property.
I had a little bit of money left over from the loan, so I spent it on painting and decorating. I was able to buy some furniture too. It was perfect.
After spending a week at our vacation home, we went back to our primary residence. At that time, I started to promote the home to people who wanted to vacation on Ocracoke Island. It didn’t take long before I started receiving calls to book a week or more. It was great! I was able to set the rental amount higher than what I owed on my loan each month. This made it possible for me to pay off the loan quickly.
If you have a similar dream as mine, I recommend rental property loans. They made it possible for me to buy a vacation home and turn it into a lucrative real estate investment.
Level 4 Funding LLC
Hard Money Lender
Hard Money Loans
Hard Money Loan
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
Dennis Dahlberg Broker/RI/CEO
NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave | Austin | Texas | 78701
About the Author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true. Dennis has been married to his wonderful wife for 43 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.