We've already collected around 20,000 pre-reservations, equating to approximately $30 to $40 million, and have received hundreds of requests to build individual units.We’ve completed the first unit, which has passed the final county inspection under a residential permit, and are actively working on the second phase.

You can pull out 80% LTV what you purchased it for plus any repairs or renovations.Also with asset lending you need to have a large amount of cash/liquid reserves.

Lender confirmed that I can purchase a multi unit, we'd just have to make a case for it being my primary residence such as closer to the job or a nicer area.I live in a nice area; however, the city is not as well known as others so I may be able to make a case.  

@Eli KingThe seller would need to contact the servicer of their loan and confirm it’s assumable.You would then need to qualify with that servicer plus have the funds to cover the difference between what remains on the loan and the purchase price for the home.

Just to confirm I check the exhaust flue, it is warm and getting hot.  

Hello BP Community, We reached out to Pace (subto) specialist and did get confirmation this scenario was possible.

If it’s illegal activity that’s one thing, but if the sponsor has a recent poor track record - who is to confirm that or verify it without having it third party independently audited - same goes for those good sponsors.

My hypothesis is that I should be putting aside around $33K to cover the down payment, closing costs and about 6 months of reserves for PITI.

@Wesley W. i assume you’ve already confirmed how title is held and that the property will need to go thru probate.

It is much better to have a reserve fund and add it monthly.