We lived in it for a year, remodeled both units and put in place a long-term tenant on one unit and a mid-term tenant on the other.Here's a little more details about this deal:*   Purchase price: $163k*   Financed price: $132k @ 7.625% APR*   After repair (estimated value): $225k*   Gross rents: $2150 ($750 one year lease & $1400 six month lease)*  Annual taxes and insurance: $7000*  Approx credit score: 650 (I used interest free credit card to pay for remodeling this property and maxing it out caused my score drop almost 50 pts!) 

No different than with a homebuyer who has a pre-approval and still ends up not getting funding.

Hi Account Closed,Purchasing a pre-construction condo in Miami for the purpose of short-term rentals (STR) is a lucrative one given Miami's unique position in the global real estate market.

Ski cabin in Taos, Lake property in TX, Smoky Mountains in TN, coast in Myrtle Beach (although I gotta tell you If you're gonna go ocean it's hard to beat your backyard). 

As far as the open houses , I can see some attorneys selling a pre made contract to buyers and the buyers without agents will fill out the contract and hand it to the selling agent . 

When factoring in many alt. lenders do not include a pre-payment penalty when you refinance the total finance charges including pre-payment penalties differs slightly between bank and alt. lender.  

Would your new conventional financing have a Pre payment penalty?

The seller will want to see proof of funds like a bank statement or a pre-approval letter with your offer, so that they know you won't back out due to financing.

The great thing about the western catskills is that it is an all year round location due to the proximity to Belleayre and Plattekill ski mountains.

Took many months of chasing to have record of my funding recorded in the portal.The deal failed and property surrendered in Dec, was not informed until Apr the following year by the operator, in Aug still waiting for official announcement and the MIPA to be provided.Co-sponsors Legacy Wealth Holdings(operator), Community Investment Properties – refused to help LPs that were not brought in by them.3/ Any lesson learned to help future investorsMy key takeaways from this experience are:In addition to doing due diligence on the investment, underwriting, & sponsors.Be very cautious of these joint co-sponsor deals, ask for and understand the partnership agreement before deciding to invest.Understand that co-sponsors oversee the interest of the LPs they bring in only.Avoid fund of fund / feeder fund investments, instead invest directly in the investing entity.If you value timely communications & receipt of investor updates, k-1s, etc, invest only with the deal operator.Ask for a walkthrough of the investment portal using live data in an actual active investment account to ensure its managed according to your needs.