The quaility of old existing units, and the ability of the long term population to pay new rents, blended with an influx of small high end mill conversion units is simply not balanced.

Go dabble in other asset classes they know almost NOTHING about to then blend a portfolio to entice investment.Personally if I lost that kind of money for investors I would not be able to sleep at night.

Make sure to calculate the difference between the blended rate and an entirely new first lien position.

Which brings me back to the "F.I.R.E" thing maybe you should look into that and changing your lifestyle and doing a blend of a lesser/easier job, less expenses, some real estate investments, and some stock investments.

The city's appreciation, vacancy rate, cap rates are truly unparalleled when compared to the other markets you’ve mentioned.

Even at a blended 13% rate, the after tax yield on these higher risk notes was closer to 7.5%, as I work full time and earn good W2 and other investment income.

They are unparalleled and I gain so much from them!

It’s been a good blend of cash flow and appreciation for me, and it might be worth checking out as part of your trip to the Midwest.If you want to chat more about Detroit, feel free to reach out.

You are likely blending PMLs with HMLs here, most PMLs lend on a relationship basis and most HMLs underwrite the credit profile and risk of a deal. 

I buy blend and extends for cash nationally where I can extend the lease or backfill.I buy at 10 cap rate or higher.