Goodmorning Johana,Best bet is we refinance the note and see what kind of terms we can get going on this.Typically can close fairly quickly here in texas using hard money notes.

You can probably do it in areas without zoning or farmland, but it is very difficult in a traditional residential zone.Your best bet is to look for areas along busier roads that are currently residential and turning commercial or already turned commercial with lingering residential.

If you're using all cash then obviously that's not an issue.Another thing to consider is if the land has deed restrictions, checking on the city website or MLS would be your best bet there.I'd love to learn more about what you're trying to do and maybe be able to help answer any questions you might have!

Which is true - but the refi is going to cost you $3,000-$5,000 in closing costs again - which actually moves you backwards by a couple of years to recoup those costs at the $200 more per month you will make once rates get back down to 5.x%.My bet is that unless you can find some seriously undervalued real estate that your numbers won't look pretty at 8% interest (all in).  

I do agree that mechanical upgrades are a good idea if necessary, those are almost always a safe bet for ROI and resale-ability.

Quote from @Thomasina Pearce: Quote from @Gladimir Lobo: Heading downtown to try your luck at Jack's is a much better bet.

I bet you do a great job rehabbing!

Hi Jerome - MTR is certainly one of the areas of lending that is still new and lenders are still adapting - probably going to run into trouble with more traditional and conventional lenders - which generally take a long time (years) to adapt to new trends like thisI wrote about this late last year as one of the developments to watch for 2024 - particularly how DSCR Lenders are approaching, which is likely the best bet for this investment type currently (but note not all DSCR Lenders are the same - so will need to vet and pick one that is MTR friendly and generally forward-thinking)What’s Next For DSCR Loans?

@Mike Musarra  If you plan on doing a BRRRRR your best bet will be refinancing into a DSCR loan.

Thanks If you are looking at class A-B, the suburbs are a better bet dollar for dollar.