I live in New Orleans so there are plenty of inventory... although most are not up on the market.

They are a pain in the ***, take a long time to close, and charge higher interest rate with more points then normal FHA or conventional loans, but if you dont have the money to start another way it can be a great way to get your foot in the game.

With a triplex, you can get "conventional financing".

Funds are paid, representations and agreements are signed and the note is assigned with an endorsement and filed.Usually a buyer will ask for a package of documents, I'd want to see;Copy of the note and deed of trust, Commercial deal, a copy of the settlement for the transactionA list of inventory collateralized and copies of the UCC filingsA copy of the first lien as filed with terms and payment requiredPayment history of the note, with verification of receipt/depositsCopies of any loan modifications or extensionsAppraisal on the property at sale on RE and equipment if anyA letter simply desiring the intent to sell with a description of the note with the book and page county as filed.

Right now if you get with a good experience Loan officer it shouldn't take more than 21 days after you recieve the appraisal to close on any type of conventional or Government loan.If you're looking for cash out and the loan amount is lower than 75K I can't help you but a local bank will be your best bet Daniel.

This is our 4th deal together so I suppose its all about establishing relationships, after all a lot of us wouldn't be in this business if it wasn't for HML and investors.PS: How is the market in Ocala compared to the low inventory here in Palm Beach?

Just not enough inventory, and what was there was getting bid up to ridiculous levels.We've spent the past year working on alternative methods of acquisition, and are finally starting to get some deals in the pipeline.

The problem occurs when it is cheaper to buy existing inventory than repair damaged property.

You’ll want out of a 10% loan for a buy and hold and refinance as soon as possible into a conventional loan.Jeff

Can't beat donated inventory!