A duplex, triplex, or fourplex is ideal because the more units, the more financing options banks may offer.

There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

Purchase price: $1,000 Cash invested: $15,000 Sale price: $34,500 Bought this property from Detroit Land Bank Authority.

Almost every dollar I make (active or passive) has a job when it hits my bank account.

Borrower Types: The Professional - HM Lender will cut sweet-heart deals to keep these borrowers around Experienced real estate investors Regularly engage in property transactions Typically have a track record of successful projects The Newbie - Charge Higher everything as the risk is higher as no experience Novice investors or first-time borrowers Limited experience in real estate Seeking to build their investment portfolio The Deadbeat - Only lend if the deal is so SWEET, they can't lose if they take the property from the Borrower Borrowers with poor credit history or financial difficulties High-risk borrowers May struggle to secure traditional financingThe lender will do an application on the deal/borrower and some standard docs they require are:Hard Money Application / ExperiencePurchase contractARV report – COMPS – See * Redfin*Pictures of Property – most people use Dropbox to shareProof of Funds – Down / Reserves (Bank Statements)Personal identification (ID or passport)But usually if the deal is sweet enough, they will do it anyway because if the deal goes south, there is so much equity/value in the property that the HM lender can't lose.

Hi Shawn, When I left banking during the last major crash and started this company, we primarily were a commercial bridge lender, but we also were a real estate investor.

I did some digging and am comfortable with the water issue, but I find it amazing what banks/HUD will do.My last HUD house they flooded it two days before my closing.

If there’s anyone that attended one of these MFM seminars and is considering it, let’s connect as I believe we can create a win-win and you can actually be an investor rather than a piggy bank for shops like them.  

Some banks may lend as a HELOC on the rental property, or refinance it, but you're right you'd have to get your mom on board for that. 

Personally I have not had much luck with seller financing when there are agents involved - most don’t understand it and think it just makes the deal more complicated.Did you check with your bank to see if they will mind you having a second loan on the property?