Have you reviewed the credit scores or do you know roughly what the loan to value will be after the cash out?

Columbus Ohio is a great market to still find the 1% rule and positive cash flow and has huge appreciation potential.

I found myself in a similar position to you about 10 years ago.

We pride ourselves in keeping the forums positive, helpful, and focused on real estate (please, no politics, religion, etc.).

You can also hire a real estate attorney off of UpWork or Fiverr to review the documents and give you an opinion just to be sure.

Like Devin said, double digit rates and you could still have fees similar to a first position mortgage.

In contrast, value-add multifamily properties like the Michigan apartment complex offer:Immediate cash flow exceeding bond yields.Significant upside potential through renovations and operational improvements.A position at the bottom of the market cycle, with strong tailwinds expected in the years ahead.For investors willing to explore opportunities beyond fixed-income investments, the current CRE market offers a compelling case.

Those that cannot weather the storm get wiped out.Having cashflow positive properties provides a margin of safety you just do not have with negative cashflow.Why are you focused on buying in your backyard? 

But if you lay out your plan to the owner over the phone, it's very hard to get a "yes" because trust is developed with a face to face meeting.Trust can be established by talking about your past record (as an investor) but also if you have something positive about yourself (profession - real estate agent, nurse, teacher, fireman, doctor - any profession that can give you some added credentials).#4 Owner vs.

South End is great for appreciation-driven investors who want to be close to the action.NoDa (North Davidson): The artsy vibe and walkability have made NoDa a magnet for young professionals, driving appreciation in this district.Kannapolis: Known for ongoing revitalization projects, Kannapolis is positioned for appreciation.