The original idea had been to subdivide the land and build 3 quad-plexes but I met with the city and that's not going to be possible due to the lot requirements so now I am looking at one twelve-plex.This plan in theory has a four phase buildout:Phase 1: Buy Acre, finalize design with city (we have preliminary approval but need to own lot to finalize) Start driveway and build parking for 1 duplex, build 1 duplex and assorted land improvement (utilities, sodding, fence, Shed), Rent outREFINANCE - From Builder loan to Long Term 30 yearPhase 2: Continue driveway and build parking for second duplex, assorted land improvementREFINANCE - Cash out refinance should allow me to pull out cash due to built equity (numbers check out based on comparable of quad-plexes of similar design relative to cost and maintaining 25% equity), Rent outUse Cash-out Refi plus additional funds for next phasePhase 3: Finish driveway including turn around required by city due to length of driveway to meet the needs of a firetruck etc, build duplexes 3 & 4, Rent outREFINANCE - Cash out refinance should allow me to pull out cash due to built equity (numbers check out based on NOI evaluation of property value, 8 units now so different valuation methodology, while maintaining 25% equity)Use Cash-out Refi to fully fund next phasePhase 4: Build units 5 & 6, Rent outCash out Refinance to max value where it still makes sense for units to cash flow, laugh my self silly, find another plot of land and do it again.Here is the question, each phase will take 3-5 months* (variance is due to effects of Corona-19 on builders).

There have been numerous insurance companies that have gone out of business but because of the financial methodology of insurance and annuities the contracts were purchased by other insurance companies.

We personally think a syndication type fund is the way to go as opposed to the private lender methodology or syndicating a one off deal.

Although Zillow's services is based upon the same AVM (automated valuation method/model) methodology used by lender approved AVMs.

but here we are 2018 and his is still humming along with his same methodology..

Important nuance here is that the DSCR Lender will qualify the rent based on the income for the property (i.e. the DSCR Metric) but the value will still be based on residential methodology (sales comps method, not income capitalization or cap rate approach)

Scout around and see which one fits your methodology the best and stick to it!

Maybe we will run into some ancient wise man in our travels who can clear it up, but for now, especially in this market it makes no sense to deal with all the drama. 

But because I walked through the house with him and heard his reasoning and methodology, I wasn’t upset; he pointed out enough to prepare me!

The methodology utilized to calculate the "ad-valorem" for tax purposes is different in scope than the appraisal for market value/sale/refinance.There are many websites that provide value estimates (zillow, redfin, etc) but the reliability of these estimates varies greatly depending on your location.