You're right, experience is key when lenders look at financing a construction deal.

Hi Jaime, if you’re new to real estate, here are some easy steps to get your feet wet and started: Read a Real Estate Book: Grab a good book to learn the key terms and language.

Talking to the folks at Baselane, I learned that Baselane recently polled real estate investors to understand how well they track their rental property performance, including key metrics like return on investment (ROI) and monthly net cash flow.

Government is nailing real estate investorsto the wall in a bold move to control financial crimes.BOI is yet another Federal program, “Beneficial Ownership Information”.The BOI program, a key tool in the fight against financial crimes, requires every business to document their 'Beneficial Owners '.

—will be key to success!!

Whether you decide to rent your current home and move or buy an investment property to rent or flip, having the right financing strategy will be key to making sure your deals are profitable and sustainable.Here are a few loan options that might help based on your strategy:DSCR Loans (Debt Service Coverage Ratio) – If you're looking to buy a rental property, this could be a great option.

This can take time, so be patient.

This creates two loan payments ($100,000 of equity and $300,000 on the new mortgage).Key NumbersHome Equity Loan Interest Rate: 6%Mortgage Interest Rate: 7%Rental Income: $3,000 per monthExpenses (management, taxes, insurance, maintenance): $800 per monthIncome and ExpensesMonthly Rental Income: $3,000Monthly Expenses: $800Monthly Mortgage Payment: $2,000ExplanationThe investor earns $3,000 in rent each month.They pay $2,000 on the investment property mortgage and $800 on other expenses.This leaves $200 profit each month or $2,400 per year.However, you have to pay $6,000 interest on the equity borrowed.This leaves you with an annual loss of $3,600.While the rental property generates positive monthly income, the interest cost of borrowing the initial $100,000 results in an overall annual loss.

The key is to take one action item every day, no matter how small.Write out 100 things you want to achieve this year, and then try to knock out at least 5 each week.

Labor costs are high in NYS so controlling your variable expenses is key.