And new community is under construction and selling already literally in my backyard.

Economic Timing.According to data compiled by Marcus & Millichap[2], the Portland area has experienced three very important trends since 2010:The average price per unit for apartments has nearly doubledThe rate of employment growth rose from 2010 to 2015 but has since declined steadily, projected to be up 1% for 2020 (estimated before COVID-19)Roughly 30,000 apartments have been built since 2010, with another 5,600 units slated for construction in 2020Most RHA members have enjoyed a solid decade of price growth, rent growth and steady occupancy.

Right now commercial rates are more like 6% with a point. the only loans from banks I see tied to prime are vertical construction loans or horizontal construction loans.I had the same issue with I had maxed out my rental loans with lenders like Country wide and Wells fargo that reported to fico..

I only buy Strong B or A and live with the 5 to 6% return but the real money is made in lending and new construction for us.

@Yezenia HernandezI started with pre-construction short-term rentals in the Riviera Maya, since it's Mexico's and one of the world's main tourist destinations and so the profitability has been very high there.

If you need financing it is basically considered a construction bail out but it doable.

The process is very involved as you'll have to navigate pre-construction activities that involve architectural plans and approval from the city and then the construction activities (Shovel to soil) take anywhere from 5-9 months depending on how much your building. 

Otherwise, the work went OK, but the construction time ran significantly over. 

You can buy those new construction and the rents are strong enough to do ok. 50k to 60k gross by year 2.

Hello Scott, developers require a minimum down payment of 30% and the balance in  to 9 months in a pre construction condo.