Then the question becomes, how much does your perm loan underwrite at, and how much equity does that require, and what's the net differential between development value/equity vs. new needed equity in perm phase.So I'll give an example using cap rates (not real numbers):Example 1 - buy existing (possibly a breakeven buy) at a 4.5% cap rate, with whatever rents, operating expenses and NOI, that generate the value on the deal and the purchase price.Example 2 - develop the property, and if it's underwritten correctly, you produce a NOI/Cost ratio (the development cap rate) of 6%.

Unless you have a good way of differentiating your mailers from the 30 other ones that each homeowner gets...But if you're bold and planning on wholesaling here anyway, I'd love to be a part of your Buyer's List :-)

We've invested in TX in single family houses without even traveling there with just our property manager reporting to us but this is way different. I

Every market is different. I

How one differentiates oneself has more to do with their ability to raise and organize capital in my experience than it does to outguess other people's financial models.

What's different is that the bulk of my leads just aren't selling....not to me, not to anyone.

If it the Articles of Organization, each state is different. I

Each one is different.  I

Although each case is different, I am sure there are programs you can take advantage of that would help your situation.

OC is different. I