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Stepping closer to my goal of owning 100 rental units, today marks another milestone as I close on two new properties—bringing my portfolio to 60 units after some recent sales and acquisitions. These seemingly ordinary properties reveal extraordinary lessons about creative real estate financing and spotting long-term value in today's market.
When conventional banks wouldn't touch a duplex with non-paying tenants and verbal leases, hard money lending became my solution. Yes, at 14% interest and a 4% funding fee, it's painfully expensive. But sometimes the best opportunities require unconventional financing strategies. I walk you through exactly how these closing costs break down, revealing how security deposits, tax prorations, and rent credits dramatically reduced my out-of-pocket expenses—allowing me to close one property with just $1,500 at the table.
The $68,000 single-family home might be my most interesting purchase. At 750 square feet with some foundation issues, it's not perfect—but I see tremendous upside potential. These small homes aren't being built anymore, yet as interest rates and housing prices push buyers down market, they're becoming increasingly attractive. It's why I believe this modest investment could eventually be worth $120,000 or more.
My six-month strategy involves stabilizing these properties and refinancing into conventional loans before the hard money balloon payments come due. I've learned this lesson the hard way, once refinancing a property three times and paying $15,000 just in funding fees.
Whether you're just starting your real estate journey or looking to expand your portfolio, remember that sometimes you need to dive in with both feet rather than testing the waters. As I always say, nothing changes if nothing changes. What unconventional real estate strategies have worked for you? Share your experiences in the comments!