Can I get a loan for the down payment / construction costs2.

Main benefits to this strategy include:- Low down payment options (as low as 3-5%)- Acquisition experience- Property management experienceThe NYC metro area has nearly 2,000 available 2-4 unit listings on the market.Other new investors consider the BRRRR Strategy.All the best to you on your journey!

Traditional mortgage from a big bank, 10% down payment What was the outcome?

Poor rental payment history is a common cause for non renewal. 

You can create a website in seconds nowadays but I would also provide him a pitch deck to show how this works and that he is not going to have to evict you in 5 months because payments are not being made. 

At 7% you will have payments of about $4000 per month and at full occupancy rents of $6600 per month.

The mortgage payment is $1,000 on each house, so you earn $500 per house or $2,000 monthly.

Eventually, after finally admitting he could not obtain a loan, he failed to return my capital, and completely stopped responding just long enough until the banks were unable to reverse any payments.

About a week ago, the borrower came through, paid all past due payments, paid all the costs associated with the foreclosure, and the note is now current.I learned this strategy from one of my clients.

Another question is… Which option would be better to cover the missing mortgage payments: a HELOC or forbearance?