Both are terrible choices NYC, super expensive and high taxes, and TERRIBLE landlord laws.

Nothing will crush your hopes and dreams quicker than if the people closest to you think investing in real estate is terrible.

The interest rate they gave me at us 7.70%, 5/1 ARM, rent to debt service ratio is 1.21My credit score is 672.

Any time you can avoid adding more trade lines to your credit and increasing your DTI its best.

There are 80% LTV cash out refinance options and 85% LTV for a single family rental purchase if the property is cash flowing (DSCR ratio of 1) and the credit score is high enough.

His note seemed to indicate it was an unsecured line of credit so I wouldn't touch that with a 10-foot pole.The short answer is: everything is negotiable.  

I'd imagine the interest rate plays a large role in what discount is given, along with house value, down payment and credit score of mortgagor.

Most banks or credit unions simply wont do them post the GFC..

And where do you think you can get rents.We've been able to secure 80% loan to cost on these types of deals with a credit union recently. 6% is a good rate, but I would see if you can shop around the LTVGood luckGino

As a rookie myself, I didn't realize how terrible the contract was, but the contract is only abut a page and a half.