most HML borrow their money from somewhere like the bigger ones on a Reg A offering or wall st.. or wherever.and then lend making the delta.. profit in HML right now at the competitive rates are at an all time low from my years of doing this since mid 80s.. so much so i would not be in the business personally.. or if you are you need LOTS of money to lend since spreads are so low.its also highly regional.. in markets were foreclosures are measured in years not in months rates are still higher than in areas were foreclosures are quicker.. 

Daniel Lee I love elastomeric paints.....I've actually never painted an entire house with elastomeric mostly because it's not very common in the Delta region.

something like that. you buy used for 25 to 30k a semi luxury ICE car.. so whats the delta here we are talking about 10 k  15k.. now we cant compete dollar wise with those that drive 10 to 15 year old cars that are worth 1 to 5k.. and that's OK for them.   

As such, this is a wealth preservation play, and not an wealth generation play necessarily, especially as it relates to CF.On the other hand, if there is an opportunity to force the NOI, then weather the Cap Rate is high or low doesn't matter since the play is function of the delta of in-place to re-positioned NOI.Finally, keep in mind that owner-financing is not capable of turning a bad deal into good.

I think it's difficult to purchase in these areas, but can be very profitable.I have a home in East Atlanta all of my tenants have been under 32 with good jobs (current one works at Delta in IT) and they love living in this area.

IE  most investors that are trying to do them have little resources so they look for the no to little money down then sell on wrap and make the delta.

Sacramento river and the Delta excellent water skiing and fishing...

Gold and Platinum, in the buildings I've built, have had a cost delta, usually because of high-end strategies like geothermal and solar.

. - more like guys buying for the delta arbitrage are driving me a little mad.  

@Tom Gimer  do you allow buyer C to fund seller A and let middle man B walk off with the delta ?