You can get an appraisal for the finished unit, use a bridge loan and or construction-rehab loan based off the ARV.So, check conventional and non-conventional, private/hard money lenders.Get credit from material suppliers, use thier money!

That same bank said they would give him a conventional loan to buy my house but he needs 8k for the down payment.

I think that real estate values going to take another dip as inventory prices to clear and a lot of home owners going to switch to renting..

More than likely, the asset managers at the largest banks in the country were B-School classmates with these guys and therefore have the inside track on all inventory coming online.The small, local investor will gain an advantage by focusing on customer service with homeowners, identifying a need and providing a solution.

At least in that capacity you can build a buyer's list with advertising and at least start to establish your presence with a home in "inventory".

Good Morning All,Has anyone had really good experiences with conventional lenders.

Not sure if this transaction would qualify for a 1031:http://www.1031corp.com/1031-exchanges-made-easy/1031-exchange-requirement/Originally posted by above link: ...Examples of non-like-kind real property that cannot be exchanged under Section 1031 include primary residences, “flips,” stocks, bonds, notes, mortgages, cash, equipment, goodwill, inventory and interests in a partnership.Emphasis (bold) is by me.

I may be able to line up conventional financing for my purchase.

If the sale price of the home is $60k, you will not qualify for a conventional loan.

Is it better long term to jump into the fray and try to invest locally, where prices are higher and competition is higher, or invest in the other areas I am more familiar with, maybe not as hot but where prices are lower, inventory higher and there is less competition for properties?