That does not sound like a good market for new construction if nobody else is doing it there. 

Sounds like Wagner met with the builder for Bennah Oaks and Nathi Townhomes. 

Sound right? 

So, it sounds like noone has actually gotten a loan from them.

Sounds like you are better off in a high yield savings account like @Dominic Mazzarella mentioned...Just out of curiosity, Nilusha, what Chicago neighborhood are your 2 flats in?

Neal Bawa sounds like he knows what he's talking about, but his track record is terrible.

BRRR'ing sounds amazing, until you need to borrow money at 9-15% and have a significant monthly payment and are scrambling to get the project done quickly. 

@Sang Kim- thanks for clarifying you are trying to get a commercial loan ...this is a  completely different product than a home loan ...You still should be able to  locate and obtain a good commercial loan  without  having to pay any fees upfront  ( other than possibly paying for the appraisal after the  loan has been  approved )

@Tonya English @Chad Runken VIP member here as well,  coming into month 4.. sounds like we are seeing similar results.

The reality is a lot harder than some books make it sound like.