Quote from @Torianne Baley: Hi George,Do you mind sharing the lender you found who accepts the 500 credit score and will loan $300k There are lenders out there but the risk is very high so your rate will be 13-15% plus the loan to value will most likely need to be less than 60% (or even 50%).

@William Bohan,I like your thinking of focusing on the actions that create more value.

I did not want to sell it, and I saw the value in holding on to this property.

What is the value of that other property and how much do you owe?

we invest in value add plays (no major rehabs) 10-40 units.

And you can provide a good value by charging a lot less than the big operators.

We discovered the previous owner had dementia which explained most of the work we needed to do, Our short-term is improving that unit to rental standard, not necessarily adding property value as he and I are still drawing floor plans for Long term.Thank you!!!

If the building cannot be salvaged,  a lender could still provide financing for land value less demo cost.

With that in mind, I’ve decided to focus first on finding a distressed SFH that I can add value to, live in for a few years, and keep as part of my long-term portfolio.I like your suggestion about building the “core 4” team—agent, lender, contractor, and property manager—and will definitely prioritize that as I move forward.

The older investors I know horde and value time and not cash for headaches.