Hey 1031 experts I have a scenario question for you.Bought an apartment building with a construction loan of $565,000.

Having been in many aspects of real estate throughout my career my favorites are ground up construction and note investing. right now note investing takes the cake as it can be done in any environment whereas ground up right now is very challenging. 

Market in a MinuteEast Tennessee home sales increased 5.2% from the previous month, and increased 9.3% from a year ago.The median sale price was $374,950 — up 7.13% from the previous year.Total housing inventory increased from the previous year – up 43.2% from a year ago.Half of the homes sold were under contract in 15 days or less, up from 9 days a year ago.44.61% of homes sold for the asking price or above, with 23.72% selling for more than the asking price. 10.32% sold for at least $10,000 over asking and 4% sold for at least $25,000 over asking.The sale-to-list price ratio decreased from last month to 98% – down from 98.6% a year ago.New construction represented 13.28% of total home sales.If you want to nerd out on the market here I'm always happy to chat.

I’m also focused on multi-family investments, primarily new construction duplexes in Indianapolis.

A free ticket to the 3 day and then an honest critique or constructive feedback if I did a good job with sharing info.

Here in the Reno, NV area there are new construction homes that have tenants already in place, paying above market rent, and the builders are offer 5.5% interest if you use their lender.

My real estate agent, who has a long prior career history in construction, seems to be happy with both the properties and has inspected them in detail and also been under the crawl space noting new plumbing, electrical and foundation sister-in-law beams too.As mentioned it is looking very likely the current buyer will not meet the closing deadline at which point I am next in line and have got price agreed with the back up after a few phone calls today. 

. $7000 closing costs on a $420K property plus an additional $30K for construction loan.

Get approved for construction loan (This is normally a loan at an 80% LTV, right)3.

Often we can get a bridge loan with cash back at closing as well as the remaining rehab budget in construction hold back in one loan.