Quote from @Yash Shah: Hello everyone,I'm new to this group and would love to hear your thoughts on the pros and cons of purchasing a corporate or bank-owned home.

Where the SBA 7A can be used for all parts of the purchase and is generally Prime+ 2%, 10 years, the 504 (bricks & mortar only) is generally Prime -2%, 25 years. 

What this leads to is higher purchase prices but also higher rents in these areas. 

Sandra For transparency purposes, I believe you meant to say that you purchased a turnkey property from Memphis Investment Properties, not Memphis Invest. 

What's the location, purchase price, expected Reno cost, ARV, etc.?  

In other words, not resold to the government so the bank had more flexibility on the condition.I look at the original commitment letter and it states "xxx amount will be advanced at closing for the purchase of an investment property, and the remaining balance of the loan to be placed into an escrow account to be disbursed as improvements are made".No points, and only one closing, so I don't have to deal with a short term HML that I have to refinance in under a year.Hope that helps!

I purchased a townhome in Fort Mill, SC (Lancaster County) in July 2023.

Purchase price: $490,000 This is a unique opportunity to participate as a investor in a single family residence valued at $3M and higher.

TERMS- Deal Type: Seller Finance- List Price: $580,000- Purchase Price: $780,000- Seller Carryback: $693,000- Total Entry: $100,000 Breakdown: Assignment: $13,000 Down: $87,000- PITI: $2,657 Breakdown: Principal & Interest:: $2,000 Taxes: $464Insurance: $193- Rent: $5,250 ($750-800 per unit)- Amortization Years: 28.88- Interest rate: 0%- HOA: NONE- Balloon: NONE- EMD: $5,500- COE: Feb 12, 2025- Occupancy: Occupied, Occupants staying post closing- Title company: PROPERTY DETAILS:MULIT-FAMILY7 Units - 2B/1B per unit- Living sqft: 5,200- Year Built: 1940- Age of Roof: 1- Age of HVAC: New- Age of Water heater: New- Condition of Electrical: Good working condition- Condition of Plumbing: Good working condition

Purchase price: $360,000 We bought this stacked duplex, lived in one unit for 2 years and moved on.