It goes on from there to exclude if you are renting your home.Also, the deadline is tomorrow for the recipient of the form to receive it.I'd look into this.Jeff, I disagree with your accountant.

Maybe you meant to ask a slightly differnet question, where "LTV" is replaced by "ARV" or "appraised value" ...I disagree.

But I disagree with Terri's premise that "All of this credit card thing should not be necessary if you are truly, thoroughly screening your tenants."

It's hard to disagree with any of it.

Sanjiv-I have to disagree slightly with you so please don't take any offense.

Here is why: The property's market value at acquisition and the property's market value upon exit are two different numbers and they are only different because of the dollars you put in to make improvements.As in Eric's example, if such a thing were true, nobody would put any money into the deal and sell for profits on a rehab.Don Hines I would have to disagree with your assessment as well.

I disagree about the charging the upfront fee makes a serious buyer.I can't tell you how many scammers I have seen in the commercial lending arena.I can say one problem lenders face is they get a package submitted to them and then give an LOI.Then in due diligence the buyer finds out the income levels and returns were not as stated.Now the lender wants a bigger payment down from the buyer or the buyer has to get the seller to reduce to the actual proven numbers.The deal falls out and the lender made nothing.The way to solve this is submit a detailed and verified package upfront.This way you know the numbers you are sending have been verified.Lenders site confidentiality etc. when doing loans so you can't verify other properties they have closed.If lenders state money has to be in escrow or a deposit have YOUR attorney hold in an account the lender does not have access to or authorization to.This way the money can be shown to be there and earmarked for the purposes of the loan.I am telling you these scammers will do anything to separate you from your money.I know some deals I wasn't involved in where the people chased the lender for 6 months to get back 500k.Do not let lenders PUFF fees.If they say they have to pay for appraisal then tell them you will pay the appraiser directly.If you are a legit lender and you make money when you close a loan you should have no problem with this.If however you are a fee generator mill and you hardly close anything or a point taker with upfront fees I can't tell clients to work with you.Some point takers take money to submit apps knowing the lender will not close or that it's a sham.They usually charge a small amount upfront to entice the victim.Usually 500 to a few thousand.

* * *J Scott, I have to respectfully disagree.

I would consult legal counsel before acting but I respectfully disagree to say it is an SEC violation per se to mail to a private money list.True if you offer a specific percentage return or offer participation in a specific deal you may NOT legally do so.

I am new to real estate. it is my first flip project. I have two questions hoping you as experienced investors could point me to right direction.

1) I just talked to several real estate attorney and accountants. I h...