If you want to learn to do it the right way then Peter can help. he has training videos and a process for everything.

I use a custom setup in Notion to manage my lending workflow and am building a mirror setup for notes, and am also in the process of testing Pipedrive as a CRM.

My wife and I are in the process of closing on a vacation home in the Davenport area.

During the "fix up" process, you would use a different kind of loan that will end up converting to a DSCR loan once you have tenants living in the unit(s).So, I would need to use maybe a construction loan for the renovations and then convert it to a DSCR loan?

We have helped a ton of clients with the process here in Chicago..just be sure to find a team (Agent, Lender, HUD Consultant, and General Contractor) that has done these renovation loans in the past!

Over time, you’ll build a more accurate dataset tailored to your portfolio.Hope this helps—getting these numbers right is an ongoing process, and you’re asking all the right questions to set yourself up for success!

However, I had to subordinate the sellers note to 2nd position (hint: set up that language in advance to streamline the process, if that's the direction you're going to go).Since the ARV was high enough, and the potential income would support the mortgage and expenses, it all worked out. 

An additional benefit of a detailed engineering-based Cost Segregation Study is that it can increase potential insurance premium savings as well as provide support for the property tax appeals process.

3.Any recommendations for contractors or permit expediters in Covington who can assist with this process?

This process is repeated over and over and over.