Do you have conventional financing on the properties?

Can I still get a conventional loan?

Currently, a plan for Maps 3 is being laid out that, if approved, could provide for such things as light rail, a new convention center, etc.The crosstown elevated highway is also being torn down and moved south, and a street-level boulevard built in it's place.

If the bank will do a conventional loan or you can pay cash or fund it out of other money, you can save some of the costs, maybe allowing you to pay more and still make the same profit.

Fannie, who establishes the guidelines for conventional financing, allows a borrower to have to 10 financed properties.

Both with great rates and low closing costs.I was going to go thru one mortgage company that had a rehab loan coupled with a conventional mortgage but they went bellyup with all of the mortgage nightmare.

A short is your best bet because even though all the fines and legal charges have been accumulating the lender will normally go short to keep it from going into inventory.

They are a development company and land is considered inventory in their business.

Getting started is HARD, especially if you can't get conventional financing.

We have acess to the cash to take down and complet 10 at a time 450KTHe local Bank has already loaned at 20 year AM 8.25 (prime+.5) for 6-% LTV cash out but only after tenant has made 2 rental PaymentsIt is a Revitalization type scenario..Friend has already completed 25 of these over the last year and only has 6 left in inventory.... but sales all but stoped in August and Septemberr.The banks are still looking at this as a Community Redevelopment Act money play so once fixed we can unlock our cash and then some....I will search for the 50% rule but find it HIGH for a direct Managed property that has been COMPLETELY rehabed... new wiring, new plumbing pipes new hotwater heater new heater....