Jake Kucheck In most of California, certainly in my area (northern CA) and in your area too, you can't really just "convert" a tenant to Section 8.

I've talked with a few lenders, and it seems that I will be hit with up to 5 or more points because of the small loan amount, my credit score (690) and only 80% LTV.Is this pretty typical for a small loan?

In light of the recent bankruptcy, I get the impression that the place has hit bottom.

Would they get hit with the usual 10% penalty if they don't show legal ownership in their name?

I have found it to be pretty close to reality for the northern suburbs of Dallas.

Thanks for the replies.Yes, at this specific point in time a $3000 hit would hurt.

Cordray hit the nail on the head when he said, “It doesn’t do anybody any good for us to develop an elaborate set of protections if nobody’s going to then lend money to consumers.”But I think this may be, “one day late and one dollar short,” as the old saying goes.

Richard look up your local real estate investor association.If you go to work for a flipper to learn the business make sure you are not used and abused.Make sure they have completed a certain volume of deals and that they have the knowledge to give you.What investors do not want is to work with someone with no drive who wastes their time.If they will pay you a decent wage that is at least what you are making now or more,you hit it off from the start,etc. then you are on your way.Eventually you can partner with them on some deals when you save up some more cash and they will show you how to save and supplies and do quality repairs and upgrades in a fast manner.

Once you hit 90 days past due, you should on the street.

It is hit and miss situation.