Also, if you are a minority, WRA has the Partnership for Success program, which helps pay for your start up costs.

This specific tenant is in a program so the longer they take to send me the document, the chances of issues coming about is higher.

Have you looked into local credit unions or alternative financing programs?

Glad you found value in the program though!  

To me all of those programs seem way overpriced for what you actually get out of them. 

Can a down payment assistance program be used with the 203k?

To find out the amount of the subordinate lien through the NSP program, you’ll want to pull the title report for the property.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Section 8: Rents are too high for the program and cash paying tenants are better overall.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsSection 8: Rents are usually too high for the program.Class C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

This criteria is for 1-4 and 5-8 unit programs.

Here’s what I did when I withdrew from the STR programs.