Cash invested: $65,000 Sale price: $97,000This property was a very early lesson learned in private mortgage financings for me.

I’m curious to hear from private real estate investors who’ve faced unexpected insurance claims and were protected by an umbrella insurance policy.We often see discussions whether investors should use an LLC or an umbrella insurance policy.

I literally laughed through the phone at his suggestion, because I was broke, in debt, and in every way and unqualified borrower, and the lending environment in 2012 was probably stricter than it had been since the invention of the 30yr mortgage.

Have you refinanced this into a long-term mortgage?

But if the mortgage is 2k or 3k then I'll be in a tough spot. 

My mortgage will be $2,005/month, and I’m budgeting up to $600/month for utilities, leaving a potential monthly cash flow of $995.I also set up an LLC and a business account to track rental income and expenses.Questions:Do you have any advice for me as a young real estate investor?

Syndications (but be careful here...I've seen syndications go bad as well), DSTs, Private Lending, etc.

Traditional 30 year fixed mortgage How did you add value to the deal?

Two, you'll have a much easier time obtaining a mortgage product if you have a track record of W2 income.In the meantime, continue implementing the strategies you mentioned: save religiously, build your credit, pay any existing debt owed, etc.

I'm struggling a little bit on deciding the best agreement to make sure I can get some cash flow, payback the HELOC, and not drive the new mortgage up too much with the Refi out of the HELOC.