I have heard comments that homes in TX or GA need a major rehab after 10 years, builders use MDF for trim, pressboard under siding instead of OSB sheeting etc As an investor we buy 1960s homes, they have good bones and are worth an update.

Leverage the Right Relationships – Your network is your net worth.

Is it still worth a squeeze?

The great part about contacting the CDC directly (and a large one such as TMC) is they can make referrals to banks that would be interested in your project (i.e. banks that have been actively doing SBA hotel loans)...rather than you having to chase down the bank first, which can be very difficult.Regular commercial lending requirements are applicable (will vary by bank):1 - no bankruptcies2 - no foreclosures3 - FICO > 7004 - net worth >= loan amount5 - post closing liquidity >= 12 months of P&IIf this works out, you are going to be glad that you made this post.

Not easy but well worth it

Hey BP Community,We all love the thrill of acquiring new properties, expanding our portfolios, and watching our net worth grow.

We use Hiscox for our insurance with our business, not sure if it works for property but its worth a try. 

I think you’re under a misconception that’s leading you to think you have options you don’t…You say it’s worth $1.1M and you’d net $500k.

The last few years have been great for investors/homebuyers who bought pre-con, but looking back to the few years after the 2014/15 boom, this wasn't the case, where many had actually committed to buying a property that wasn't quite worth what they signed up for closer to closing because the appraisal weren't matching the contract price, requiring a cash top-up.

If you aren't going to put in the effort, then it's not worth joining.