Thx Karen and Jenn for your constructive feedback, I appreciate it.After more thought I am approaching this property with a buy as is strategy and the conversion on the exisitng Cafe into my own Laundrymat is not so much in the picture at this point.3 residentials mixed with 1 commercial unit I think is a good way to get my feet wet on the commercial side.thx again for all your feedback!

I'm now working on a name for a construction company, but just starting on that.

Then we also tried to get a construction loan for a house we are planning and paid the bank for another appraisal, but the loan was eventually denied.

Marvin, if it looks like you will shortly have lots of construction and multifamily homes right next door, when he says your value may be "severely reduced," he may be right.

Two short answers: the people living in them (some refer to the occupants as "trailer trash", whether that is accurate or not), and the construction of the house (construction used in mobiles is considered inferior to non-mobiles).

Later, I was also in non-profits, with gut rehab to new construction, developments but not fair to compare with an individual flip, drew a salary, fees and benefits.

I am doing my first purchase with financing now but I have two rentals (one now and one under construction) that I need to cash out refi soon.

There are several reasons for foundations issues and the issues I would be most concerned with in most cases would reveal themselves in newly constructed buildings.

As Jon mentioned portfolio loans, a bank can make a purchase money loan and advance additional funds as a construction loan and when the project is completed provide the take-out or perm. loan, even place that in the secondary market.

We are in the same area as he is, but unfortunately don't do flips, we do new construction.